Reverse Mortgage After Death: What Heirs Must Know

Many heirs and personal representatives don’t realize that a reverse mortgage becomes due when the borrower passes away or moves into long-term care. If you are the executor, administrator, or trustee, you must act quickly to protect the home and preserve any equity for the estate.

In addition, you’ll also need to file with the courts, get letters of administration, and work closely with your attorney. Trustees will need to provide trust pages, obtain a date of death appraisal, and decide whether to pay off the loan, sell the property, or in some cases, walk away.

If you’re in San Diego County and need help with a reverse mortgage property, our team has decades of experience guiding families through the process. Contact us today for trusted probate and trust real estate support.