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Inherited a House With a Reverse Mortgage in Connecticut?

When the last borrower dies, the reverse mortgage comes due and the clock starts. Here is how heirs usually handle it and how CT MAX helps meet the lender’s deadlines.

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What happens after the death

Most reverse mortgages are FHA-insured Home Equity Conversion Mortgages (HECMs). When the last borrower dies, the loan becomes due. The servicer contacts the estate, and heirs typically have a short window to tell the servicer what they plan to do, then a limited period, with possible extensions, to sell or pay off the loan.

Heirs’ options

  • Sell the house and pay off the loan from the proceeds.
  • Keep it by paying off or refinancing the balance.
  • If the loan is more than the house is worth: HECM rules generally let heirs sell for a percentage of appraised value to satisfy the loan, and they are not personally liable for the shortfall.
  • Hand it over through a deed in lieu.

Where CT MAX fits

Servicers want to see progress. A written MAX Offer and a scheduled closing date are exactly that, and we buy the house as it stands, contents included.

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Common questions

How long do heirs have?

It depends on the servicer and extensions. Call the servicer early and get the dates in writing.

Do we still need probate?

Usually yes, to give someone authority to sign.

Are heirs personally liable?

For an HECM, generally not beyond the house. Confirm with an attorney.

General information only, not legal, tax or financial advice. Talk with a Connecticut attorney about your specific situation.

The MAX Offer timeline

From first call to cash in hand

  1. Day 1

    Share the address

    Call, text or use the form. We ask a few questions about the house and your deadline.

  2. Day 2–3

    One walk-through

    A CT MAX buyer sees the house once. No cleaning, no repairs, no open houses.

  3. Within 24 hrs of the visit

    Your MAX Offer in writing

    A firm cash number with no commission taken out. Take it, counter it or walk away.

  4. The date you pick

    Attorney closing

    A Connecticut closing attorney pays off the liens and hands you the balance.

Handshake at a house closing
The last step: keys over, cash to you at a Connecticut attorney closing.

Complicated situation? Get a clear number.

Get a written MAX Offer for the house as it stands. Saying no costs nothing.

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