Parents had a reverse mortgage, now I’m stuck figuring out what to do — advice

First, I'm so sorry for the loss of both your parents. Navigating a reverse mortgage after losing loved ones is genuinely stressful, and the fact that you're being proactive about it speaks well of you.

Here's what you need to know right away: when a reverse mortgage borrower passes away, the loan typically becomes due within 6 months, with a possible 6-month extension. Since both parents have passed, that clock is already ticking. Contact the reverse mortgage servicer immediately to notify them officially and request a formal payoff statement.

The good news is your situation has real options. With $680,000 in estimated value against a $235,000 loan balance, you have roughly $445,000 in equity to work with. That's meaningful breathing room.

Your strongest options likely include:

**Refinancing the property:** With an 800+ credit score and $100,000 annual income, you may qualify for a conventional mortgage to pay off the reverse mortgage balance and keep the home. A lender will evaluate your debt-to-income ratio, so factor in any business-related obligations from your father's estate.

**Selling the home traditionally:** A traditional sale could net significant proceeds after paying off the loan, which could then be split between you and your sibling per the trust terms.

**Considering a direct cash offer:** If the estate also includes undeveloped land or rural property from your father's business, a direct buyer can often provide a fast cash offer with an as-is purchase — no repairs, no contingencies, no waiting on bank approvals. This can be especially useful when you need to liquidate assets quickly to satisfy the reverse mortgage deadline or settle the estate cleanly.

If your father's business owned any land or acreage, selling land fast through a direct buyer could free up immediate capital. Some buyers also offer owner financing arrangements that can create flexible terms depending on your situation.

A few important steps to take now: consult a probate or estate attorney familiar with your state's laws, speak with the reverse mortgage servicer about timeline extensions, and get a professional appraisal of all properties in the trust.

If land assets are part of the estate and you'd like a no-obligation cash offer to help close things out efficiently, reaching out to a direct land buyer could be a smart, stress-free first step.

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