Pay back reverse mortgage?

Hi David. The first thing to understand is that there is no monthly mortgage payment with a reverse mortgage. Your mother would of only been responsible for taxes, insurance, and the upkeep of the home. If you are the heir to your mother's estate, usually the bank will give you 3-12 months to sell the property and pay off the debt. But you must notify the lender as soon as possible of the death of your mother. The lender has no desire to foreclose on the home. If your mother did not have a will, then her estate would be handle by probate and an administrator assigned. So, to sum it up, the property would have to be either sold by the heir(s) to the estate. In this instance, the property could be sold to you and you take out a new loan to pay the debt currently owed. We are Direct Lenders licensed in all 50 states and would love to walk you thru the process. Hope this helps.

Talk to her/your attorney. If you are the sole heir, transferring title into your name or a trust, would be required before you can do anything with the property.Then, within 12 months from time of death, you may sell, refinance, pay cash or let the lender sell and give you the balance of proceeds. .... Happy funding, Rudi