I've done plenty of work with reverse mortgages and understand the time constraint you're under. The property can be refinanced, thus paying off the existing reverse mortgage, and avoiding having to sell the home. The problem you will run into with many lenders is that there is typically a 6 month seasoning requirement prior to refinance eligibility. Fortunately, I work with a few banks who do not have this restriction in there guidelines which would allow you to fix this problem immediately.
If you'd like to discuss your scenario in greater depth we can weigh-out all feasible options so you can best determine which route makes most sense from a financial standpoint; maybe selling the home is your best bet, but it's important to have all cards on the table. I may be reached directly at (201) 957-6768 or via email; whichever is easiest.
Paul F. Marzolla
Sr. Mortgage Consultant