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When a parent with a reverse mortgage passes away or moves into care, the loan comes due and a letter from the servicer starts a clock. You're grieving, the house needs work, and you have to decide quickly what happens to it.
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When a parent with a reverse mortgage passes away or moves into care, the loan comes due and a letter from the servicer starts a clock. You're grieving, the house needs work, and you have to decide quickly what happens to it.
A reverse mortgage, usually an FHA-insured HECM, becomes due when the last borrower dies or leaves the home for good. The servicer sends a due-and-payable notice and expects the heirs to respond, typically within 30 days, and to pay off or sell within about six months. Extensions are possible if you show the house is actively being sold, but they aren't automatic. Miss the timeline and the servicer can start foreclosure, which drags the estate and the family through a process no one wants. A cash sale fits that calendar. We give you a written offer in 24 hours that you can send to the servicer as proof of a sale in progress, and we buy the house as-is, so you don't have to clean out decades of belongings or fix the roof first. Title orders the payoff and the loan is paid from proceeds at closing. If the house is worth less than the balance, we can work through the short payoff request with the servicer. No fees or commissions, and we cover standard closing costs.
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No, not on a standard HECM. These loans are non-recourse, so the debt is limited to the house itself and heirs don't owe the shortfall out of their own pocket. If you sell, the servicer generally accepts the lesser of the full balance or 95 percent of the current appraised value as payoff. We can make a cash offer, the servicer orders its appraisal, and title confirms the payoff figure before you sign closing documents.
On most HECM loans, heirs have about 30 days to tell the servicer what they plan to do and around six months to pay off or sell. The servicer can grant extensions when you show the sale is moving, such as a signed purchase agreement. Call the servicer early, tell them you're selling, and ask for the exact deadlines in writing. A signed cash contract and a close in as little as 7 days or a date you choose keeps you well inside the window.
Often yes. Someone with legal authority to sign for the estate, usually the personal representative appointed by the county court, can sign a purchase agreement, and the servicer will usually work with the estate while it's open. If the house passed through a trust or a transfer on death deed, the successor trustee or named beneficiary may be able to sign without probate. Your estate attorney confirms who signs, and we close on the timeline the estate needs.
Sometimes. A reverse mortgage balance grows over time as interest and insurance are added, so how much equity remains depends on how long the loan ran and what the house sells for. Whatever is left after the payoff and closing costs goes to the estate or heirs. Our offer is in writing, with no renegotiating at closing, so you can compare it against the payoff statement and know what the family nets before you decide.
Omaha and the surrounding metro: Bellevue, Papillion, La Vista, Elkhorn, Gretna, Millard, Ralston, Council Bluffs, and the rest of Sarpy and Douglas counties.
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