Reverse Mortgage & Heirs Idaho | What Happens Next
In Idaho, heirs can sell the home, refinance to keep it, or deed it back. They typically repay the lesser of the loan balance or the home’s value (non-recourse rule). Lenders provide timelines and contacts; communication keeps options open.
The Non-Recourse Rule
Reverse mortgages are non-recourse: repayment is limited to the home’s value at sale, not the borrower’s other assets. If the balance exceeds value, insurance covers the difference (for HECM). Heirs aren’t personally liable beyond the property.
H2: Heirs’ Options
Sell the home and use proceeds to repay.
Refinance into a new loan to keep the home.
Deed in lieu (turn the property over if keeping/selling isn’t practical).
Typical Timeline After Death
Lender is notified; heirs receive a point of contact and deadlines.
Estate/personal representative confirms intent: sell, keep, or deed in lieu.
Appraisal/market value is established to set expectations for sale/refi.
Extensions may be available with documented progress.
Documents to Gather Early
Death certificate, proof of authority (executor/PR), mortgage statements.
Insurance and tax records, utility info, recent maintenance/repair details.
Practical Boise-Area Tips
Secure the property; maintain insurance and utilities to avoid damage.
If selling, choose an agent experienced with estate or trust sales.
Ask the lender for written payoff and timelines.
Communication Best Practices
Respond to lender letters quickly.
Request a single point of contact.
Keep records of calls, emails, and mail.
If There’s a Surviving Spouse
If they’re a co-borrower, they can continue the loan terms.
If not on the loan, ask about non-borrowing spouse protections (HECM-specific).
