Posted on: 12th Nov, 2013 01:10 am
Hello there... my grandfather wants to leave his house to me but he has a $270,000 reverse mortgage on it. After his death, will I be able to take over the property without having to sell the property or pay off the loan?
After your grandfather's death, you will be able to take over the property but along with it, you will have to refinance the existing reverse mortgage into a normal conventional loan and pay it off.
You can take over without selling but you've got to pay off the loan ultimately. The only way out of that would be a refinance obviously.
You will have to sell or refinance.
