How soon should the heirs notify the mortgage company owner is deceased if someone is still living there not on the ded?
Since interest continues to accrue on the loan even after the borrower is deceased, its your decision as the longer its in place, the more is owed to the lender to pay off the reverse mortgage. FHA rules say that you have 6 months from the time of death to pay off the reverse mortgage either through refinance or selling the home and then you can file two 30 day extensions for a total of 12 months. By not telling them of the death they have the right to force a sale of the home in 30 days to pay off the reverse mortgage.
Related Questions
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