Industry standards for reverse mortgages mean that if the borrower passes away, the estate is given 6 months to repay the debt, with a possible 6 month extension. Very rarely do lenders allow more than 12 months for repayment of this loan. There actually is no federal law that states this, but it is an industry standard that lenders abide by. However, depending on where you live, there may be a state law that dictates when the loan must be repaid. For example, Missouri passed a bill earlier this year giving heirs as much as 15 years to repay reverse mortgage debt left by a family member.

Feel free to call AAG and speak to a professional that is licensed in the state that you live in so they can give you specific and accurate information.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.