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herbolla · Joined: 17 Jul 2010 Posts: 1 1.00 Dollars($)

Hi, my aunt passed away back in March and she left me her house. The house has a reverse mortgage but I didn't know until now because it took so long for the will to be executed and I just received a letter of foreclosure, they say I have to pay in full in about 15 days (in August). They wouldn't give me any information because I had to prove them I am the heir to the property, I just got the grant deed in the mail and was planning to send it to them. I have no idea how to repay the loan and I want to keep the house. Please help. Thank you.

adonis · Posted: Mon Jul 19, 2010 12:33 am Post subject:

Welcome herbolla,

You should send a copy of the grant deed to the lender and apply for a refinance of the mortgage. Once you refinance the loan in your name, you would become solely responsible for the loan dues. Paying the mortgage dues on time will help you in saving the property.

Posted: Mon Jul 19, 2010 11:22 am Post subject:

Thanks for replying, I want to get a loan from my bank to payoff the reverse mortgage my aunt had but im not sure if I should apply for a regular mortgage or a refinance, or does it matter?

smithsussane · Posted: Mon Jul 19, 2010 11:40 pm Post subject:

Hi Guest!

Welcome to forums!

You can apply for a refinance and get the mortgage transferred in your name. The loan proceeds that you receive while you refinance can be used to pay off the reverse mortgage.

Feel free to ask if you've further queries.

Sussane

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How do I pay a reverse mortgage if I am the heir to the property?