Mom passed with reverse mortgage. A few questions

[Zoe]

You need an appraisal for the estate tax. Fed maybe, State usually yes. They want to share in your grief to.
You have to settle the probate before it can be transferred.

It may not have to go through probate. The lawyer will know. Them hiring a good real estate lawyer should be step one.

It is like paper work to a good real estate lawyer. It shouldn't cost much. The court is different ballgame. They charge more for probate court.

It depends on whether she had a will or not. I don't know what probate court will charge.

I am guessing a good real estate lawyer might take it for $2K or less. The bank may have a lawyer on staff that would do it.

Not a bad option to call bank and explain situation and see if their lawyer would handle it. The bank has been making money on the MOM.

They could probably hire a personal real estate lawyer for $1,000 or less. They can probably get free consultation from a real estate lawyer before they decide what to do.

 

[Tom D]

I didn't mean probate if there is a will. You have to settle the estate, then it can transfer title to you. You can start the mortgage process before that happens. Also, you can call any title company and ask them what is needed. Who is the executor of the estate, that person should handle the estate closeout.

 

[Carnivore]

If the OP gathers up all his mothers documents . bank accounts life insurance etc and gives them to the attorney the OP if he is the only child might end up with a enough money to pay cash for the condo or better yet get the condo free of a mortgage. etc
Just thinking out load,

Again this is complex

 

[ucbruin]

I wonder if the OP and I are related....

 

[Zoe]

I wonder if the OP and I are related....

Your wishing. I hope they get the condo. If you can't afford mortgage on it................sell it.

It might help pay a few expenses.