Reverse Mortgage Refinance Probate Questions.

6 Replies

These questions have probably been asked already,

Can an heir refinance to pay off the existing reverse mortgage? 

Since title isn't under their name wouldn't the home have to be under the heirs name to Refi? 

OR

IF they do or can transfer title (assuming it doesn't during probate or does it?), wouldn't it be impossible to do so because it would be subject to the Reverse Mortgage?

Would the only solution to this be qualifying for a regular conventional loan etc?? 

so  can they still refy from moms home? 

Property Value: 125k

Reversed owed: 47k 

Thanks again team BP

Originally posted by @Wayne Brooks :

It likely needs to go through probate for them to be able to refi.  A RM doesn't prevent this.

 Yes, they are in probate.. heir has been appointed. would this require some type of qualification per the same approval getting a regular loan? 

Originally posted by @Wayne Brooks :

Of course, they have to qualify for the loan.

 what would be the qualifications? would it be the same as applying for regular loans? and is this borrowing against the equity of the home? or just a separate sideline loan? 

Hi Raden, a reverse mortgage is just like any other mortgage and would have to be paid off, not refinanced. All of this would have to be done by whoever is on the loan. If the borrower is deceased then the estate can do it. Usually, reverse mortgages on properties in probate are paid off through the sale of the property. I hope that helped answer your question.

Originally posted by @Account Closed :

Hi Raden, a reverse mortgage is just like any other mortgage and would have to be paid off, not refinanced. All of this would have to be done by whoever is on the loan. If the borrower is deceased then the estate can do it. Usually, reverse mortgages on properties in probate are paid off through the sale of the property. I hope that helped answer your question.

 YEs this i am aware of and i do appreciate the assistance. The seller had mentioned to me that she has the option to refinance to pay off the reverse and i have been doing some research and i guess you can.