Reverse Mortgage & Heir Property Help
When a parent with a reverse mortgage passes away, the loan typically becomes due. Heirs may face foreclosure, probate complications, title issues, and tight timelines — often while still grieving. Understanding your options before the deadline matters.
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When the last surviving borrower dies, the reverse mortgage servicer typically sends a notice that the loan is due. Heirs may have limited time to decide: pay off the loan, sell the property, or allow foreclosure. Understanding the timeline — and the specific balance, appraised value, and probate status — matters before making a decision.
Servicers typically give heirs 30 days to indicate intent. Extensions of up to 6 months may be available. Timing is critical.
Depending on equity, probate status, and the specific loan servicer, heirs may have pathways to sell, pay off, or resolve the situation before foreclosure.