how long do heirs have to pay off a reverse mortgage

Reverse mortgages, which allow homeowners 62 and older to borrow money against the value of their homes that need not be paid back until they move out or die, have long posed pitfalls for older borrowers. Now many like Ms. Santos are discovering that reverse mortgages can also come up with a harsh sting for their heirs.

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 · Reverse Mortgage Heirs: How Much Will You Owe? by About the Author Michael G. Branson Michael G. Branson (CEO All Reverse Mortgage Inc. and moderator of ARLO) has 40 years of experience in the mortgage banking industry and has devoted the past 14 years to reverse mortgages exclusively.

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Reverse mortgages are one option for seniors to access. Heirs seeking to keep the home must pay off the loan balance.. The lender wasn't required to do that, Charles noted.. "My encouragement to owners is to thoroughly understand the long-term impact that a reverse mortgage will have on an estate.

When a reverse mortgage borrower dies, a lender will typically explain options for paying off the loan to the borrower’s estate. Heirs then have 30 days to decide what to do. If heirs decide to pay off the HECM, they have six months to sell the property or pay off the HECM, possibly with a new mortgage.

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Once the reverse mortgage borrower leaves the home the loan is due and payable immediately. However, there is a window of 6 months with the possibility of 2-90 extension if the servicer/FHA grants the time. The reverse mortgage program has helped thousands of seniors for over 25 years.

Heirs of the deceased homeowner are expected to notify the reverse-mortgage lender to discuss repayment options. If the reverse mortgage won’t be paid off through a home sale or other option, the.

Myth: If I take out a reverse mortgage, the lender will own my home.. Myth: My children or heirs will be responsible for the repayment of the loan.. The HECM is a non-recourse loan as long as you or your estate sells the property to pay off the debt.. If you do, then those debts must be repaid from proceeds of the reverse.