Posted on: 28th Oct, 2013 02:57 am
After the original borrower passes away, how long can the heirs stay in the property which has a reverse mortgage on it?
Reverse mortgage become due and payable once the original borrower dies. The lender may sell off the property to recover the dues or the heirs will have to refinance the loan. It will depend upon the lender as to how much time he might provide you to stay in the property.
Hi Guest!
Welcome to the forums!
The lender may provide the heirs with 6 months of time in order to move out of the property or refinance it. After that, he will sell off the property in order to recover his money.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
The lender may provide the heirs with 6 months of time in order to move out of the property or refinance it. After that, he will sell off the property in order to recover his money.
Feel free to ask if you've further queries.
Sussane