Posted on: 15th Apr, 2009 09:04 pm
How long do the heirs have to sell a property to pay back a reverse mortgage
Hi silva1001 ,
Welcome to our Mortgage Forum.
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"How long do the heirs have to sell a property to pay back a reverse mortgage"
I cannot say anything perfectly about that, Because its depending on more factors. Such as Country, Credit Score, Your Financial report & reputation.
If this all required things mach with you. It will take small time. If you are not qualify for that all required things. They will inquire very hard & it will take more long Time.
I hope you will satisfied by my answer.
Thanks & regards.
Welcome to our Mortgage Forum.
]
"How long do the heirs have to sell a property to pay back a reverse mortgage"
I cannot say anything perfectly about that, Because its depending on more factors. Such as Country, Credit Score, Your Financial report & reputation.
If this all required things mach with you. It will take small time. If you are not qualify for that all required things. They will inquire very hard & it will take more long Time.
I hope you will satisfied by my answer.
Thanks & regards.
Hi silva,
It depends on the reverse mortgage holder. But generally, the mortgage amount becomes immediately due upon death of the mortgagor or upon change of title or sale of the property.
It depends on the reverse mortgage holder. But generally, the mortgage amount becomes immediately due upon death of the mortgagor or upon change of title or sale of the property.
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>>how long do the heirs have to sell a property to pay back a reverse mortgage
they don't have to sell the property to pay it back - they can refinance the reverse mortgage with a forward mortgage, and keep the house, or if they're old enough, they can refinance it with another reverse mortgage and keep the house.
if the heirs decide to sell the house to pay back the reverse mortgage lender, my personal experience is 12 months, which should be more then enough time.
they don't have to sell the property to pay it back - they can refinance the reverse mortgage with a forward mortgage, and keep the house, or if they're old enough, they can refinance it with another reverse mortgage and keep the house.
if the heirs decide to sell the house to pay back the reverse mortgage lender, my personal experience is 12 months, which should be more then enough time.
