QUESTION
Do heirs have rights in delaying repayment of reverse mortgage loan?
Asked on Aug 11th, 2013 on Foreclosures - Nevada
More details to this question:
A relative resides in the house; death of owner on July 27; 1st notice to repay loan just received. Do we have a legal right to an extension to sell the house, or is the deadline for repayment entirely up to bank's discretion?
1 ANSWER
It all depends on the language of the contracts in the reverse mortgage. Generally speaking, payment is due upon death.
Answered on Aug 20th, 2013 at 1:50 AM