Q: My mother passed away in MO & has a reverse mortgage. How long do we have to sell the home & pay back the loan balance?
MO has a Reverse Mortgage Act. I was reviewing Section 443.903 - Reverse mortgage regulations. (6/4/1997), specifically these statements: 6 (c) The lender's right to collect reverse mortgage loan proceeds is subject to the applicable statute of limitations for loan contracts. Notwithstanding the applicable statute of limitations for loan contracts, the statute of limitations commences on the date that the mortgage becomes due and payable.
We plan to sell the home. Before I notify them that she has passed, I would like to know how long they are required to give us to sell the house and pay the loan off?
A: The answer to your question is in the reverse mortgage paperwork your mother signed. The statute of limitations, which is the statute you cite in your question, is a different issue altogether. That is just the time period in which a lawsuit may be filed. Under the circumstances, you should have a lawyer review the paperwork to help you find the answers you need.
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