Posted on: 01st Apr, 2010 06:56 pm
my mother got a reverse mortgage on her house. in the event of her death, what are the options of the heirs? 4 of use all living in different states and on social security. we don't want the house and will be unable to refinace. if it doesn't sell in a few months, how does forclosure work or can we sign a quit deed over to the mortgage company? are there any other options? i need to know as soon as possible.
Hi djwillardson,
After your mother is deceased, you and your siblings can refinance the mortgage and convert it into a conventional loan and pay it off. As you do want the property, you can ask the lender to foreclose it and recover his dues. You won't be liable for the mortgage dues in any way.
Thanks
After your mother is deceased, you and your siblings can refinance the mortgage and convert it into a conventional loan and pay it off. As you do want the property, you can ask the lender to foreclose it and recover his dues. You won't be liable for the mortgage dues in any way.
Thanks