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Who Pays Off Deceased's Reverse Mortgage?

Q. My father took out a reverse mortgage before he married his new wife. Now that Dad has died, who is responsible for paying off the reverse mortgage?

A. Whoever inherits the house—most likely the spouse—must pay off the reverse mortgage, which becomes due when the borrower dies. Interest continues to be charged on the unpaid loan balance, so it’s to the heir’s advantage to repay the loan as soon as possible.

The home would have to be sold only if neither his estate nor his widow could arrange to refinance or take out a new reverse mortgage.

Source: Sally Hurme, AARP

 

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