Reverse Mortgage Solutions
Reverse mortgages are common in South Florida, and they often surface at the hardest possible moment, after a parent or relative has passed away. We help families, heirs, executors, attorneys, and homeowners understand how the loan works and what choices are realistically available.
Our role is to help you understand where the loan stands and what the practical paths forward look like. We coordinate with estate counsel, review payoff and timeline information with the servicer, and explain each option in plain language so the family can decide together.
This page is educational. It is not legal, tax, or financial advice. Every loan and every estate is different, so please review your specific situation with a qualified attorney or advisor.
The Basics
Short answers to the questions that come up first, written for people who have never dealt with a reverse mortgage before.
A reverse mortgage is a home loan available to older homeowners that lets them convert part of the equity in their home into cash or monthly payments without making regular mortgage payments. The balance grows over time as interest and fees are added, and the loan becomes due when the borrower passes away, sells the home, or permanently moves out.
The loan generally becomes due and payable. The servicer notifies the estate, establishes the payoff amount, and sets a timeline for the family to respond. Communicating early with the servicer, and keeping taxes and insurance current, keeps the available options open while the estate is being handled.
Yes. Heirs can inherit a home that carries a reverse mortgage, but they inherit it subject to the loan. The property does not simply transfer free and clear, so the balance has to be addressed before the family can keep, refinance, or sell the home.
Depending on the equity position and the estate, families commonly consider paying the loan off with other funds, refinancing into a traditional mortgage, selling the property and keeping any remaining equity, or turning the home over to the lender. Which paths are realistic depends on the balance, the value of the home, and the probate timeline.
Reverse mortgage timelines move independently of probate. Extensions are often available, but they generally require documentation and consistent communication. Families who learn where the loan stands early tend to have more choices and far less pressure than those who wait until deadlines are close.
Did You Know?
When the balance of a HUD-insured reverse mortgage exceeds the property’s current value, a traditional sale may not be possible. Kalvaitis Group can help coordinate and negotiate the short-sale process with the reverse-mortgage servicer and HUD.
We work with the appropriate parties to assemble the required information, address title and property issues, submit the short-sale request, and pursue the necessary approvals. Our goal is to provide the estate, heirs, and their attorneys with a clear path forward while simplifying a complicated process.
All short sales are subject to lender, servicer, and HUD approval.
If a reverse mortgage is part of an estate you are handling, we are glad to walk through how the loan works and what the options generally look like.