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My mom's house was inherited to me, but she had a reverse mort.

Midlothian, VA |

Just found out from my mortgage guy that because the house is in my name through the county, when her loan forcloses it will effect me getting a mort loan. this is going to the rev mort company's lawyers on the 16th of this month. will this unwanted effect start when it 1st goes to the lawyer or will the whole forclosure process have to be completed before it effects my ability to get a mort loan.

Attorney Answers 2


  1. When you inherit a home with a reverse mortgage you have a couple of options open to you: 1) You may get a traditional mortgage on the property to remove the reverse mortgage; 2) you may sell the property (in which case you will receive monies for any additional equity above the cost of the mortgage); or 3) you may sign over the property to the reverse mortgage lender. Typically, you have one year from the date of the death of the individual to arrange a transfer in one of those three ways. Sometimes, if there is sufficient equity in the home, the lender will allow additional time to sell (given the current economy). However, if the house is underwater, they are going to want to dispose of the property relatively quickly.

    I believe you are the individual that has posted here before regarding a reverse mortgage and that it has now been over a year since your mother's death. The same answer applies. You will need to make a decision regarding how to handle it. It sounds like more is owed on the house than it is worth, but it's hard to say. You should take the information to an attorney to review the documents for you. They can contact the lender as well to find out more if you need more information.

    Please note that this response is based upon the limited information available in the question. In addition, it is not intended to create an attorney/client relationship and is offered only as general information and not as legal advice.


  2. I agree with Ms. Allen. You can refi to pay off the reverse mortgage, sell the property and pay off the reverse mortgage or transfer the property to the reverse mortgage company. To transfer to the mortgage company, you do not have to go through a foreclosure. You can do a deed in lieu of foreclosure.

    If this answer was helpful, please mark it as helpful or as a best answer. This answer is for general education purposes only. It neither creates an attorney-client relationship nor provides legal guidance or advice. The answer is based on the limited information provided and the answer might be different had additional information been provided. You should consult an attorney.