More details to this question:
FATHER PASSED TWO MONTHS AGO LEFT NO "WILL" OUR HOME HE HAD A REVERSE MORTAGAGE IS THERE ANY WAY THAT I CAN SELL THE PROPERTY TO PAY OFF THE BANKS LOAN AND MAYBE KEEP SOME MONEY
1 ANSWER
I am sorry for your loss. Assuming the home is not in a trust you will need to go to probate court to clear title to the property. This will get it in a position that you can sell it. There are time limits with reverse mortgages so act quickly. You likely want to hire an experienced probate attorney to make the process go smoothly. Also, you should notify the reverse mortgage company that you might like to buy the property and/or are trying to sell it and ask them for an extension of time to deal with the mortgage. They will grant up to two 90 day extensions if you ask in a timely fashion. Good luck. -John
Answered on Mar 24th, 2015 at 8:41 AM