: Be aware that lenders typically give heirs 30 days to decide on a course of action once the loan is called due, though extensions up to 6 months (and sometimes 12) may be possible if the home is actively being sold. Financial Checklist for Buyers Reverse Mortgages - FTC Consumer Advice
: Request a formal payoff statement in writing, including the FHA case number and property address, to know the exact amount needed to clear the lien. buying a home that has a reverse mortgage
: It is critical to contact a title company early to verify the property's ownership and ensure no foreclosure actions are pending. : Be aware that lenders typically give heirs