Finally got around to talking to someone at the reverse mortgage company for the house Dad was living in. Candy was very nice & informative - but dang she talked too fast for the amount of information she was giving me. I'm sure she got tired of me asking her to slow down, repeat, or the zillions of questions I had. So here's the deal:
I have three options: 1. clean everything out of the house and turn it over to them 2. buy it or 3. sell it. Before anything can be done they are required to send out an appraiser to find out the true value of the house. (Which means I have another trip in my not so distant future coming up.) The good news is that if it's appraised for less than the loan they'll let me buy it for 95% of the appraised value. :) /sarcasm
The second (and probably the most devastating) chunk of news is that NONE of this can be done until the will has been probated. According to VA law there is no time frame on when it has to be probated...however the mortgage company has a different set of rules. I have 6 months from date of death (7/28 in case you're counting) for one of the three above options and a possibility of two 90 day extensions once the wheels have started turning. ..and just in case you don't remember from my many posts before in order to probate the will all fees & taxes must be paid up front.
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