Wednesday, January 4, 2012

After 1 spouse dies what happens to the reverse mortgage?

My sister and her husband received a reverse mortgage 6 yrs ago. She signed off the house with a quit claim, as she wasn't 62 yet so she did not qualify for a reverse mortgage, but her husband was 70 at the time. He recently ped away, I ume she has to pay off the mortgage or pay rent and or vacate, She lives in ohio how much time does she have to get this done, not surprisingly she cannot afford to pay off the mortgage, I hope you can give me some insight, thank you

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