A reverse mortgage payoff is usually required during difficult times. In most cases, it involves a single beneficiary or multiple beneficiaries of an elderly parent’s estate after they pass on. When the executor of the estate begins the process of sorting through paperwork and getting all affairs in order, some may discover a reverse mortgage was taken against the property and that the full repayment of the loan is required within a fairly short time frame. Typically, there is a six-month grace period.
Reverse mortgage payoff loans are private loans used to pay off reverse mortgage loans. These loans come from private equity firms like HCS Equity to provide flexibility for the heir or responsible party to manage the property and assets without being forced to sell them in order to meet the expenses of the estate.