Do I have to honor the contract if grandma had a reverse mortgage on her home but my name was on the deed and still is?

That creates a legal nightmare for the mortgage company IF your name was on the deed when your grandmother was granted the mortgage AND you did not sign the agreements. The mortgage company screwed up in that case. If you DID sign it, then you must give up the property. ALSO if you were added as a "possible" heir under a Lady Bird Deed, your grandmother's grant of the mortgage supersedes your interests in the property.