Posted on: 25th Mar, 2010 07:26 am
How long does an Heir have after the death of a parent who had a reverse mortgage to make arrangements with the mortgage company.
For example if they died Feb. 2010 does the heir have to begin making payments immediately upon their parents death or is there a time line where they can get matters together ?
Also may someone live at the property prior making any changes to the title ?
For example if they died Feb. 2010 does the heir have to begin making payments immediately upon their parents death or is there a time line where they can get matters together ?
Also may someone live at the property prior making any changes to the title ?
Your best bet is to make an immediate payment. Their guidelines may not permit an heir to even keep the reverse mortgage. They could force you repay or sell the home.
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