A reverse mortgage house after a death > 공지사항

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The bank or servicer will send a notice after a parent dies, and that letter starts a clock for the heirs to decide what to do with the house. It is called a due and payable notice. It means the loan must be paid back, usually because the last borrower has died. The notice gives a period of time to take action, but the exact number of days depends on the loan terms. If you are an heir, you should not ignore that letter.

You have a few choices. One is to buy the house. You can pay off the reverse mortgage balance yourself. The amount owed is what the loan has grown to over time, not the original amount borrowed. You might need a new mortgage or cash from savings. If the house is worth more than the loan, you keep the difference. If the house is worth less, you pay the loan balance anyway, though sometimes a short sale or a deed in lieu can be arranged. Talk to a real estate lawyer or a HUD-approved housing counselor before you promise to pay anything.

Another choice is to sell the house. You can list it on the market and use the sale money to pay off the reverse mortgage. Any leftover money goes to the heirs. The servicer will usually give time for this process, but the clock is ticking. If the house sells for less than the loan balance, the lender cannot come after the heirs for the shortage. That is one of the protections of a reverse mortgage. The debt is non-recourse, meaning the lender can only take the house, not your other assets.

A third choice is to hand the house back to the lender. This is called a deed in lieu of foreclosure. You sign the house over to the servicer, and they cancel the loan. You walk away with nothing, but you also owe nothing. This can be a clean way out if the house has no equity or if the family does not want the property. You should get a written agreement before you sign anything. A lawyer can help with that.

Do not rush. Talk to the servicer and ask for an extension if you need time. The servicer has to give you certain information about your options. If you live in Sacramento County, you can also call a local housing counselor approved by HUD. They can explain the process for free or low cost. The county may also have a probate court that gets involved if no one is named as heir or if the estate goes through formal probate.

One thing many people miss: the reverse mortgage is due when the last borrower dies, but the spouse who is not on the loan may have protections. If the surviving spouse is not a borrower, they may still be able to stay in the house under certain rules. That is a complicated area and depends on the loan documents and when the loan was made. A lawyer who knows reverse mortgages can sort that out.

Do not let the house sit empty too long. The lender expects the property to be maintained and insured. If the house falls into disrepair or the insurance lapses, the lender may start foreclosure faster. Talk to the servicer early, gather the loan papers, and decide which option fits your situation. You do not have to decide alone.

This is covered in more detail at a reverse mortgage house after a death.