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  1. #1
    Join Date
    Oct 2018
    Posts
    9

    Default What Happens to a Reverse Morgage After Death

    My question involves estate proceedings in the state of: Wisc. Can anyone explain to me exactly what happens to the home of a deceased person that has a reversed mortgage on the home. I thought we were originally told that if the house was going to be sold after death that we (the children) would have ONE year to sell the property as long as we notified the mortgage Co. of our intentions. We were told that we had to stay in contact with the mortgage Co. and could be given 90 day extensions up to 1 year. Now we are being told the house has to be put up for sale within the first 90 days. We are still trying to clear out the house of personal items before putting it up for sale. Something doesn't seem right.

  2. #2
    Join Date
    Oct 2016
    Posts
    2,750

    Default Re: Reverse Morgage After Death

    What will be done depends on the contract that was signed. There is nothing keeping you from putting it on the market now. Houses are put on the market and sell with stuff in them all the time.

  3. #3
    Join Date
    Nov 2013
    Posts
    6,155

    Default Re: Reverse Morgage After Death

    The thing with reverse mortgages is that you (the heirs) have the option of paying off the reverse mortgage to keep the property or the bank can sell it at foreclosure if nobody in the family is willing to pay to get the property back from the bank.

  4. #4
    Join Date
    Mar 2013
    Posts
    16,747

    Default Re: Reverse Morgage After Death

    Quote Quoting Buddyboy75
    View Post
    Now we are being told the house has to be put up for sale within the first 90 days.
    Don't rely on anything you are "told."

    If you can't find the contract in the decedent's papers, insist that the mortgage company provide a signed copy of the contract. The person who was appointed representative of the estate by the court should be doing that.

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