I am surprised no one has yet said if the home in questioon was financed by a reverse mortgage, the family STILL would own the home or home ownership would revert to the owner specified in probate or by the will.
I am fairly sure the heir(s) will wish fair market value as previously mentioned. You do not give up ownership of the property with a reverse mortgage, a common misconception. Should you or anyone wish more information regarding a reverse mortgage, feel free to give me a call! Jim Ryan, Home Saving of America. 703 591 5626 ext 419.