how does an unrelated heir of property obtain ownership when unable to pay off reverse mortgage loan?

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borrower has passed away, and the single (unrelated) heir of property cannot obtain sufficient funds short of selling said property. and is wonder: does a new morgage start where the remaining equidy stands? and can a loan be aquired to pay off the reverse mortgage loan?

  1. Reply
    February 12, 2011 at 9:06 am

    You would owe the reverse mortgage so would have to pay it off with a new loan or cash.

  2. Reply
    February 12, 2011 at 9:39 am

    You have to pay the loan. You can either refinance it, if you qualify, obtain the cash from another source or sell the property to pay the loan. Also, any other bills in probate would need to be paid before you take ownership as the assets are only distributed after the debits are taken care of.

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