My mother in law is recently diagnosed with terminal cancer; her reverse mortgage was obtained in May 2007. I realize the Note is due upon her death, however do we have some time to sell the property?
Yes, I wish that your lender would have told you that. You have 6 months to pay back or refinance that property or to sell it after her passing or if she were to move to hospice for example. If there are circumstances that prevent that from happening in 6 months you can apply for (2) 90 day extensions, technically giving you 1 year. Also know that interest will continue to accrue on any unpaid balance. My condolences to your mother and you.
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