Mewilliams, I wanted to say THANKS to Ron in California for the praise he gave.
Also, I would like to add that I believe (at this time & it is subject to change..... of course) that you have one year after your Grandfather passes to take several steps. 1-repay reverse mortgage in full 2-Get new mortage in your name to repay the reverse mortgage off 3-Possible extension of reverse mortgage for additional period of time...if allowed at the time? 4-refuse and walk away from the property.
DON'T just rely on the advice from the company that is the holder of the reverse mortgage. Ask a CPA about your tax responsibilities and visit with a REAL ESTATE Attorney ! Key is a real estate attorney. The mortgage company is going to do what is best for themselves. A real estate attorney and a tax professional will be your advocates. Remember you want what is best for you.. And at a time of sorrow and you won't want to have to fight the mortgage company and your grief alone. The emotions might cloud your perspective.
Hope this helps you . I look forward to helping your friends when they have some needs with their real estate decisions. Kathleen kathleenRealtor1@gmail.com... more