A reverse mortgage can come due for several reasons — the borrower moves out, moves into long-term care, or passes away — and when it does, the loan has to be repaid, usually by selling the home. For heirs especially, this can land at an already difficult time, with a clock running and unfamiliar rules to navigate.
We buy Evansville-area homes with reverse mortgages and pay off the loan directly at closing. Whether you're the borrower making a move or an heir handling an estate, we make a complicated payoff into a simple, as-is cash sale.
How it works
- Tell us about the house — address and condition. Two minutes.
- Get a fair cash offer — based on real Evansville-area values. No obligation.
- You choose closing — 7 days or on your schedule. We pay all closing costs.
When a reverse mortgage becomes due
A reverse mortgage (often an FHA-insured HECM) generally becomes due and payable when the last borrower no longer lives in the home as a primary residence — typically because they've sold, moved into care for more than a year, or died. At that point the lender expects repayment, and selling the house is the most common way to satisfy it.
The repayment window for heirs
If you've inherited a home with a reverse mortgage, you usually have a set window to act, with possible extensions while a sale is underway. The key is not to ignore the lender's notices. We can move quickly to get the home under contract, which both satisfies the lender and takes the time pressure off you.
How the payoff works at closing
When we buy, a local title company orders the payoff figure from the reverse mortgage servicer, and the loan is paid directly from the sale proceeds at closing. Any remaining equity above the payoff belongs to you or the estate. You don't advance any money — it's all handled through the closing.
What if the loan exceeds the home's value
Reverse mortgages are non-recourse, meaning the borrower or estate generally never owes more than the home is worth. If the balance is higher than the value, the sale can often still be completed through the loan's standard payoff rules without you owing the difference. We're familiar with these situations and will explain how yours is likely to work.
As-is, with no repairs or cleanout
Homes in this situation are often dated or full of a lifetime's belongings, and that's completely fine. We buy as-is — take what matters to you and leave the rest. There are no repairs, no agent commissions, and we handle the details so you can settle the estate or your own move with less strain.
Local and experienced with payoffs
We serve Evansville and the surrounding Tri-State — Newburgh, Chandler, Boonville, and Henderson, KY, across Vanderburgh, Warrick, and Posey counties — and we work with local title companies on reverse mortgage payoffs regularly. Call us and we'll walk you through exactly what to expect.
Frequently asked questions
Can I sell a house that has a reverse mortgage?
Yes. The reverse mortgage is paid off directly from the sale proceeds at closing, and any equity above the payoff goes to you or the estate.
I inherited a home with a reverse mortgage — how long do I have?
You typically have a defined window, with extensions often available while a sale is in progress. Acting promptly and responding to lender notices keeps your options open.
What if the loan balance is more than the house is worth?
Reverse mortgages are non-recourse, so you generally won't owe more than the home's value. The sale can often still proceed under the loan's standard payoff rules.
Do I need to clean out or repair the home first?
No. We buy as-is — take what you want and leave the rest. No repairs or commissions.
Where do you buy?
Evansville and the Tri-State — Vanderburgh, Warrick, and Posey counties, plus Newburgh, Chandler, Boonville, and Henderson, KY.