Inheriting a home after a loved one’s passing can be overwhelming, especially when unexpected deadlines start piling up. One of the most crucial things to understand is that the clock starts ticking on the date of death, not when you notify the lender. If you delay, you could face foreclosure or other financial problems.

At ReeseSquared Mortgage, we’re here to guide you through this difficult process and ensure you make the best decisions for your situation.

You Have Six Months to Sell or Refinance a Reverse Mortgage

When you inherit a home, you generally have six months to sell the property or refinance the mortgage. While some lenders may offer an extension for up to a year, they’re not required to. That’s why it’s so important to act quickly and avoid unnecessary delays.

For example, I recently worked with a client who followed all the necessary steps and submitted the required paperwork on time. Despite his efforts, the lender transferred his case to a collection agency after six months, which then filed a notice of default. Thankfully, he was given nine months to sell the house, but not everyone gets this kind of extra time.

At ReeseSquared Mortgage, we make sure you have a backup plan and a solid strategy, so you’re never left scrambling.

The Clock Starts at the Date of Death

It’s important to know that the timeline starts on the date of death for a reverse mortgage, not when you inform the lender. Waiting too long to start the process can lead to foreclosure or other legal complications. To avoid these issues, you need to act quickly—ReeseSquared Mortgage can help you navigate these critical deadlines.

What Are Your Reverse Mortgage Options?

If you’ve inherited a home, here’s what you should consider:

1. Sell the property within six months. This is often the simplest solution.
2. Refinance the mortgage if you plan to keep the home.
3. Have a backup plan in case the sale doesn’t happen in time.
4. Consult with ReeseSquared Mortgage to discuss your best options moving forward.

We’re Here to Help

Dealing with an inherited property can be complex, but you don’t have to face it alone. At ReeseSquared Mortgage, we provide personalized service to help you make informed decisions and avoid costly mistakes. If you have questions or need assistance, contact us today. DM me or click the link in my bio to schedule a call. We’re licensed in California,and we have trusted colleagues nationwide who can assist if you’re outside these areas.

At ReeseSquared Mortgage, our goal is to provide you with the best service and peace of mind during this challenging time. Let us help you take the next step with getting a reverse mortgage with confidence.