Posted on: 22nd Dec, 2009 10:35 pm
My parents had a reverse mortgage and they both died this year. What do I do I told an agent to list it because the bank told me I can sell it. Now we have a buyer and escrow said that I had to go through probate. Is there another way around this
As far as I know, you can file an affidavit of heirship at the county recorder's office and transfer the property in your name. Then you can sell off the property and pay off the reverse mortgage.
Thanks for posting the answer Niicss. To add to that...you should discuss your options with an estate attorney before you do anything. There may be tax implications that you need to consider.
Meanwhile, if somone happens to stumble upon this thread and is looking into getting a reverse mortgage, then you should read up on the Pros and cons of a reverse mortgage ("www.dreamhomefinancing.com/ReverseMortgages.aspx").
[Link deactivated as per forum rules. Thanks.]
Meanwhile, if somone happens to stumble upon this thread and is looking into getting a reverse mortgage, then you should read up on the Pros and cons of a reverse mortgage ("www.dreamhomefinancing.com/ReverseMortgages.aspx").
[Link deactivated as per forum rules. Thanks.]
You can't sell the house if it's not yours, so you've got to get the Title in your name first. It's a simple process if your parents had a Will or Living Trust. It's a complicated process if they didn't have either of those two instruments because then the Estate has to go through the Probate cycle, which can take a year or longer.
The Lender understands though, and will wait, and even assist and offer advice if you ask for it because they've been through that scenario lots and lots of times. Just keep them in the loop and updated as status changes.
The Lender understands though, and will wait, and even assist and offer advice if you ask for it because they've been through that scenario lots and lots of times. Just keep them in the loop and updated as status changes.
