Reverse Mortgage owner death

[Henry Kaldenbaugh]

I came across an interesting situation.  there are (4) foreclosures that I have looked at and Matt at Montezuma Realty has informed me that they are the result of an owner who took out a reverse mortgage and subsewuently died.  I was also informed that FNMA can accept no less than the listed price for the properties for a period of 6 months after they are listed because they guaranteed the reverse mortgage.   Why the long wait at an inflated appraisal.  Anyone with insight into how to approach these?

[Brian Hout]

@Henry Kaldenbaugh they may need to be probated to establish a personal representative of the estate who is authorized to sign the offer. Once the offer is signed the attorney presents to the court for approval of the sale. On a reverse mortgage, the lender typically gives the family 1 year to resolve the issue, either by probate or selling the home.