How many 90 day extensions are allowed after death on a reverse mortgage

Upon the death of the last remaining borrower, the heirs have periods typically of three months at a time up to 12 months with the lender's approval to sell the property. During this time, the lender or the lender's servicer will want to see the efforts of the family to sell and this is where the communication is important. The lender has no desire to have to foreclose and sell a property on their own, but if the family is not making any attempts to sell the property and repay the loan, the lender must eventually step in to facilitate the repayment of the loan. So to answer your question.. they will give you 90 days at first, and they will give you 3 additional extensions if they feel your making an honest effort to sell the home. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Most lenders will allow up to 12 months after the death of the owner, if you are making progress on attempting to sell or refinance the property.

Mr. Acres previous response is correct and should answer your question. If you need assistance, please feel free to contact me.

That time extension is a case by case basis.