reverse mortgage

[revmortgmom]

Before my mother passed away she acquired a reverse mortgage on the family home. She is the only person on the deed but, she did create a will prior to getting the reverse mortgage that name me as the sole benefactor of her estate it names the home and any monies available. What rights do or do I not have with the property? There was a credit line extended to her instead of a lump sum payment for the reverse mortgage. Is any of that available to me? Do I or, my children need to move from the home? Does the loan have to be paid immediately?

 

[army judge]

Before my mother passed away she acquired a reverse mortgage on the family home. She is the only person on the deed but, she did create a will prior to getting the reverse mortgage that name me as the sole benefactor of her estate it names the home and any monies available. What rights do or do I not have with the property? There was a credit line extended to her instead of a lump sum payment for the reverse mortgage. Is any of that available to me? Do I or, my children need to move from the home? Does the loan have to be paid immediately?

The exact details are contained in her mortgage documents.
You should contact the mortgage holder.
Normally in reverse mortgages, the lender will sell you the property back as the lender owns it pun the death of the mortgagee.
Not one explanation fits all situations.
That's why you need to contact her lender.
When the lender learns of her death, they'll contact you, usually.

When mom reversed mortgaged her home, she no longer owned it.
She obtained a life estate, which allowed her to use it for the irrational of her life.
Upon her demise, the life estate was extinguished, and title went back to the lender in fee simple.