Posted on: 19th Aug, 2011 09:35 pm
I am the executor of my deceased mother's estate. She had a reverse mortgage which I have just paid off. I now want to transfer the home & property into my name. What is my next step?
How did you pay it off? You could have refinanced the Reverse Mortgage with a Forward Mortgage. That would have paid off the Reverse Mortgage lender and also put Title into your name.
Now you have to complete the Probate process to get it into your name. When Probate is complete, Title will be transferred into your name.
Now you have to complete the Probate process to get it into your name. When Probate is complete, Title will be transferred into your name.
Is the loan re-payment required if the beneficiary of the trust (an immediate family member) continues to live in the home as a primary residence after the owner passes away ?
Yes. The loan is due and payable when the last person on Title no longer resides in the home as their primary residence.