Heirs of a Reverse Mortgage Property: What Are Your Options?

If you’ve inherited a home with a reverse mortgage, you may be unsure of what to do next. Reverse mortgages work differently from traditional loans, and heirs have specific timeframes and responsibilities.

1. Understand the Timeline

• The loan becomes due when the Loved one (borrower) passes away.

• Lenders typically give heirs 30 days to decide on next steps and up to 6 months to act. 

2. Your Options

1. Pay Off the Loan – With personal funds, refinancing, or selling other assets.

2. Sell the Home – Often the most practical choice, especially if you don’t want to keep it.

3. Deed-in-Lieu – Return the home to the lender if selling isn’t possible.

3. Special Considerations for Texas Heirs

• You may qualify to sell for market value even if it’s less than the loan balance.

• Quick action preserves more options and avoids foreclosure.

Call to Action:
If you’ve inherited a reverse mortgage property in Houston and the surrounding areas, call Sharon Powell at 832-978-2372. I specialize in helping heirs make informed, fast decisions that protect their interests.