I've inherited a house with a reverse mortgage. Now What? | Are heirs responsible? | (757) 755-5587

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So you’ve inherited a house with a reverse mortgage. Now What?

If you are the executor of an estate, or you have inherited a property on which there is a reverse mortgage, you have three choices to make. But don’t wait, you have a limited amount of time after the mortgagee has died or moved out of the home, to act upon your decision. You have 6 months from the time of death to pay off the mortgage, or the mortgage lender will foreclose on the property and take possession. You are permitted to make a request for an additional 6 months, for a potential total of 12 months.

Here are your options for a reverse mortgage after someone has died:

Keep the property and pay off the mortgage balance with other estate funds
Keep the property by paying off the reverse mortgage with a traditional mortgage
Sell the property and pay off the reverse mortgage with the proceeds


Matt Walsh
[email protected]
(757) 755-5587
Notary Public

https://calendly.com/mattwalshhomes/m...

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