Hello Rose,

This is a question to which I cannot give you a direct, definitive answer.  You see, the loan becomes due and payable when the last original borrower is no longer living in the property.  But this does not mean that anyone must vacate the home, and it also doesn’t dictate to whom the property’s title will pass if the borrower dies.  In your question, timeframes would depend on several circumstances. 

For example, the loan does not determine who the property owner will be when the borrower dies.  Is the new spouse the heir who will inherit the property, or will other family members inherit the home?  If other family members were now the owners, they would have to decide whether they were keeping or selling the property, who could remain in the home, whether they had to leave, and the timing of their departure.

If you are the new homeowner, you have the right to keep the home, refinance it or sell it, so lenders work with heirs and HUD to allow for the sale or refinance of the home.  If you have no claim to title and no heirs stepped in to try to resolve the loan, the lender could begin foreclosure in just a few months.  The time it takes to foreclose on a property is subject to local laws, but that can typically be anywhere from 120 – 180 days from when the foreclosure paperwork is recorded.

If you have a reverse mortgage and get remarried, how long does your wife have to stay home when you pass away?