Refinancing a loan, including one that involves a reverse mortgage, follows a straightforward process. To begin, you must hold the title to the property, as lenders require ownership before approving a loan in your name. Once you've secured ownership, the next steps involve applying for a new traditional mortgage. Upon approval and closure of this loan, the settlement agent will utilize the funds to clear any existing liens, including the reverse mortgage.

If you're in a position where you're acquiring the property from your mother's estate, and there are other beneficiaries involved, the estate would need to facilitate the sale of the home to you. This scenario mirrors a standard sale transaction, where the authorized representative of the estate would agree to sell the property to you. You would then secure financing based on this sale agreement, and the proceeds from this new loan would be used to settle the reverse mortgage.

The qualification criteria for your new loan will depend on the lender's specifications, which can vary significantly between refinancing an owned property and purchasing one. In a refinance scenario, you might not need a down payment, but purchasing may require a minimum down payment as part of the lender's terms.

It's advisable to consult with a forward lender to understand the specific requirements for the loan you intend to apply for, tailored to the nature of your transaction. This consultation can provide you with a clear understanding of what is needed to successfully close on the loan, including any title adjustments or financial prerequisites.

Moreover, for a comprehensive understanding of managing a reverse mortgage after the borrower's death, including steps to repay the loan, exploring resources on this topic can offer valuable guidance and ensure you are well-prepared to navigate this process efficiently.