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To keep a home after a Home Equity Conversion Mortgage (HECM) becomes due, someone generally must have a legal basis to remain and the loan must be repaid. A co-borrower may be able to stay while meeting the loan’s obligations; some non-borrowing spouses may qualify for a HUD deferral; and heirs who want the property may need to pay off the balance, often by arranging their own financing. After heirs receive a due-and-payable notice, the Consumer Financial Protection Bureau (CFPB) describes 30 days as the general period to choose how to proceed, with an extension of up to six months possible in some cases. Contact the servicer promptly: the loan type, notice, and individual circumstances determine what options and deadlines apply.
First, find out what “due and payable” means for this loan
A reverse mortgage becoming “due and payable” means the servicer says a contractual event has triggered repayment. It does not, by itself, mean the lender has taken title to the home. Under a HECM, the homeowner retains title, according to the CFPB. The loan still has to be resolved under its terms, and the available path depends on who is seeking to stay and why the loan is due.
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Most of the CFPB guidance discussed here concerns HECMs, the common reverse mortgage insured by the Federal Housing Administration (FHA). Do not assume the same deadlines or protections apply to a proprietary reverse mortgage. Check the promissory note and mortgage, and ask the servicer to identify the loan type and the specific event it says triggered repayment.
This distinction matters even when a family has lived in the home for years or expects to inherit it. A due-and-payable notice is a claim that repayment has been triggered; it is not itself proof that the family has lost title or that every possible resolution has been exhausted. At the same time, retaining title does not cancel the repayment obligation. The CFPB puts the HECM heirs’ option this way: “When the loan is due and payable, your heirs can pay off the balance of the reverse mortgage and stay in the home.” That describes a possible route, not an automatic right to remain without resolving the debt.
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Who may be able to stay in the home?
A co-borrower
When one borrower dies, a surviving co-borrower may remain in the home and continue receiving loan benefits as long as the loan obligations continue to be met. The co-borrower should contact the servicer, confirm what records it needs, and ask how to keep the account in good standing. This is different from an heir who was not a borrower: inheriting the property does not by itself make someone a co-borrower or eliminate the repayment requirement.
Ask the servicer to confirm how it has recorded the surviving co-borrower’s status and whether it needs updated contact, occupancy, or other account information. The important practical point is that the surviving borrower must continue meeting the loan obligations; the death of another borrower does not mean the account can be ignored.
A non-borrowing spouse
Some spouses who were not borrowers may qualify for a HUD deferral that lets them remain in the home without immediately repaying the loan. Eligibility depends on the actual loan record and circumstances that can include the loan’s case-number date, marital and occupancy status, and continued compliance with loan requirements. A spouse should ask the servicer to assess eligibility under the applicable HUD rules rather than assume that marriage alone guarantees a deferral.
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An heir who wants to keep the property
An heir who is not eligible to remain under a co-borrower or spouse protection generally needs to resolve the debt to keep the home. The CFPB explains that heirs can pay off the reverse-mortgage balance and stay in the home. For a HECM, the payoff amount in an applicable underwater case may be limited to 95% of the home’s appraised value, whichever is less than the balance. Ask the servicer to confirm whether that rule applies to the specific loan and what appraisal or other documentation is required.
Heirs may need financing in their own names to complete a payoff. Equity in the property does not itself pay the debt, and a lender’s approval is not automatic. Start determining whether a refinance or other financing is feasible as soon as the notice arrives, rather than waiting until the end of the response period. A person who hopes to keep the home should also clarify who is legally entitled to take or retain title; if heirs disagree or the inheritance is unresolved, the financing plan may not be enough to settle who can keep it.
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How long do heirs have to decide?
For HECM heirs who receive a due-and-payable notice, the CFPB’s general guidance is 30 days to choose whether to buy, sell, or turn the home over to the lender. In some circumstances, an extension of up to six months may be available to sell the home or obtain financing. These are general HECM timelines, not a guarantee that every heir receives an extension or that a request will be approved.
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The 30-day period described by the CFPB is measured from receipt of the due-and-payable notice, so keep the notice and any delivery record. Do not treat the possibility of six additional months as a default or wait for the initial period to run out before asking. If financing is the plan, identify what the lender needs and whether the intended borrower can qualify and close on time. If a sale is the plan, ask the servicer what steps and timing it expects. These conversations should happen promptly because a possible extension is conditional.
What can make a reverse mortgage due?
A HECM generally becomes due when the last surviving borrower dies, sells the home, or no longer uses it as a principal residence. A co-borrower’s continued occupancy can affect whether the loan is due after another borrower dies. Certain property-charge or upkeep problems can also trigger repayment before a borrower dies or moves.
- Taxes or insurance are not paid: Nonpayment of property taxes or homeowners insurance can cause a due-and-payable event.
- The home is not maintained as required: Failure to maintain the property can also lead to a default.
- The borrower is away from the home: CFPB guidance identifies absences of more than six months for nonmedical reasons, or more than 12 consecutive months in a health-care facility when no co-borrower remains in the home, as relevant occupancy thresholds.
The servicer’s notice should identify the event it is relying on. If the stated trigger appears wrong—for example, the notice overlooks a co-borrower who remains in the home—raise the issue promptly and provide requested records. The exact loan documents and applicable law govern an individual case.
It is useful to separate a death-or-move event from a property-charge or maintenance default. A family seeking to keep the home after a borrower’s death may need to arrange a payoff or establish that a co-borrower or qualifying spouse can remain. If the notice instead concerns unpaid charges or maintenance, ask whether the servicer will review possible loss-mitigation options. The right response depends on the reason the servicer says the loan is due, so do not assume that one remedy fits every trigger.
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What to do after receiving a due-and-payable notice
- Read the notice carefully. Mark the asserted trigger, response date, any cure or appeal process, and the contact information. Keep the notice and its envelope or delivery record with the loan papers.
- Verify the servicer’s contact details independently. Use reliable account records or other independently verified information rather than relying only on contact details in an unexpected message.
- Request a current payoff statement. Ask for the itemized balance, the date through which the quoted amount is valid, and the payment instructions. If the home may be underwater, ask whether the HECM’s 95%-of-appraised-value provision applies to the planned resolution and how to establish the appraisal value.
- Tell the servicer what you intend to do. If the goal is to keep the home, state that in writing. Ask what payoff, title, heirship, appraisal, or other documents it requires and whether an extension request is available.
- Check financing early. If a refinance or other loan is needed, ask a lender whether the intended borrower can qualify and close within the applicable timeline. Treat an application or prequalification as a step toward financing, not a promise that the loan will be approved.
- Contact a HUD-approved housing counselor. A counselor can help explain HECM choices and prepare questions for the servicer. The CFPB also provides a reverse-mortgage help and protections resource.
- Get legal help when the stakes or dispute warrant it. Consult a qualified attorney promptly if foreclosure is imminent, legal papers have been served, family members disagree about inheritance or title, or the notice’s legal basis is disputed.
For each call or letter, note the date, the person contacted, what was requested, and what the servicer said it would do. Keep copies of written requests and responses together with the payoff statement and notice. In particular, ask the servicer to put any extension decision, required next steps, and applicable dates in writing. This paper trail will help the family work from the same set of deadlines and requirements.
Compare the available ways to resolve the loan
| Path | Who may use it | What it means for keeping the home | Key uncertainty |
|---|---|---|---|
| Remain as a co-borrower | A surviving co-borrower | May stay and continue receiving loan benefits while loan obligations are met. | Confirm the account requirements with the servicer. |
| Request a spouse deferral | A non-borrowing spouse who meets applicable HUD requirements | May allow the spouse to remain without immediate repayment. | Eligibility depends on loan and personal circumstances; the servicer must assess the record. |
| Pay off the HECM | An heir or other person seeking to keep the property | Resolves the debt so the property can be retained; heirs may need their own financing. | Confirm the payoff, the applicability of the 95%-of-appraised-value provision, and the deadline. |
| Sell the home | An heir or other person handling the property | Sale proceeds go toward the debt; if the sale price exceeds the balance, the seller keeps the difference. | For a HECM whose balance exceeds the home’s value, the CFPB describes a sale for at least 95% of appraised value, with mortgage insurance covering the remaining amount under program rules. |
| Request more time | Heirs seeking time to sell or obtain financing | May preserve time to pursue a sale or financing before resolving the loan. | The CFPB says an extension of up to six months may be available in some cases; it is not automatic. |
| Seek loss-mitigation review | A borrower or family dealing with a default such as unpaid property charges or maintenance | May provide a way to address a default or resolve the loan, but does not guarantee the home can be kept. | Options depend on the facts and servicer review. |
For certain property-charge or maintenance defaults, CFPB examination procedures list options that may be considered in some cases: a plan to repay servicer advances, an at-risk extension, a short sale, a deed-in-lieu, or a refinance. These are possible loss-mitigation avenues, not guaranteed outcomes, and they may resolve the loan without allowing the family to retain the property.
The options are not interchangeable. A co-borrower’s ability to remain and a qualifying spouse’s deferral concern who may stay under applicable protections. A payoff is the direct route for an heir who wants to retain the property but is not otherwise eligible to remain. A sale addresses the debt using sale proceeds and may leave a surplus if proceeds exceed the balance. An extension provides possible time to pursue a sale or financing; it does not forgive the debt. Loss-mitigation review may be relevant when the trigger is a property-charge or maintenance default, but the options listed for such cases depend on the facts.
Keeping the home is different from selling it
The 95% figure can arise in two related but distinct HECM situations. For an applicable underwater payoff, the CFPB describes the amount heirs may need to pay to keep the home as the lesser of the balance or 95% of appraised value. Separately, if heirs sell a HECM property for less than the balance, the CFPB describes a sale for at least 95% of appraised value, with mortgage insurance covering the remaining amount under program rules. A sale at that threshold is not the same as a payoff to retain the property.
If the sale price is higher than the loan balance, the proceeds pay the debt and the seller keeps the difference. If the home is worth less than the balance, ask the servicer how it will determine the required amount and handle any remaining balance under the HECM rules. Do not apply the sale rule to a keep-the-home plan—or assume a rule for a HECM applies to a proprietary loan—without written confirmation for the specific loan.
When asking about the 95% provision, be precise about the intended path: the family wants to keep the home, or the family plans to sell it. The CFPB describes both situations, but their result is different. Ask what appraisal will be accepted, what documentation the servicer needs, and how the payoff or sale amount will be calculated for that particular transaction. Do not assume that the home’s estimated market value, an old appraisal, or the balance on a statement settles the amount due.
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How to decide whether a keep-home plan is workable
A practical decision requires both a route to remain and a way to resolve the debt on time. Compare these points before committing to a plan:
- Eligibility: Is the person seeking to stay a co-borrower, a spouse who may qualify for a deferral, or an heir who must pay off the loan?
- Amount required: What is the current itemized payoff, and does a HECM rule affect the amount in this case?
- Financing: Can the intended borrower qualify for and close a new loan before the applicable deadline?
- Property value: Is the home worth more or less than the payoff, and what appraisal does the servicer require?
- Time: How much of the response period remains, and has the servicer confirmed an extension in writing?
- Reason the loan is due: Is the issue a borrower’s death or move, an occupancy question, or a default that may be reviewed for loss mitigation?
- Title and family circumstances: Is the person planning to keep the home legally entitled to do so, and is there a disagreement or unresolved inheritance issue that needs legal advice?
If the family cannot establish a right to remain or cannot arrange a timely payoff, selling the home or another servicer-approved resolution may be more realistic than pursuing a refinance that cannot close in time. A housing counselor or attorney can help evaluate choices, but neither can change a deadline or guarantee servicer approval.
Make the comparison using the actual notice and payoff figures rather than assumptions. For example, a home with substantial equity may still require an heir to obtain financing and complete the transaction within the applicable period. Conversely, if a spouse may qualify for a deferral or a co-borrower remains, immediate payoff may not be the only path. The reason for due status, the person’s eligibility, the value and balance, and the time available all affect whether keeping the property is realistic.
What the CFPB guidance does—and does not—establish
The CFPB’s general HECM guidance provides a starting point for understanding heirs’ choices and timelines. Its page reviewed August 28, 2026, describes 30 days after receipt of a due-and-payable notice as the general period to choose how to proceed and says an extension of up to six months may be available in some circumstances. Those statements do not determine every family’s rights. Loan type, the notice, title, marital and occupancy status, the HECM case-number date, state law, and servicer decisions can all matter.
For an individual case, use the note, mortgage, notice, and applicable law—not a general article—as the controlling sources. Verify current HUD and CFPB guidance, and get case-specific help from a HUD-approved housing counselor or qualified attorney when needed.
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Frequently Asked Questions
Can my children keep the house after I die if I have a reverse mortgage?
With a HECM, heirs can generally keep the home by paying off the reverse-mortgage balance. In an applicable underwater case, the CFPB describes the payoff as the lesser of the balance or 95% of the appraised value. Heirs may need financing in their own names. Confirm the loan type, payoff, appraisal requirements, and deadline with the servicer.
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How long do heirs have to pay off a reverse mortgage?
For HECM heirs, the CFPB describes 30 days after receipt of a due-and-payable notice as the general period to choose whether to buy, sell, or turn over the home. An extension of up to six months may be available in some circumstances to sell or obtain financing, but it is not automatic. Follow the notice and ask the servicer promptly what applies.
Can a spouse stay in the home after the borrower dies?
A surviving co-borrower may remain and continue receiving loan benefits while meeting the loan obligations. Some non-borrowing spouses may qualify for a HUD deferral, depending on factors such as the case-number date, marital and occupancy status, and continued compliance. Ask the servicer to assess the actual loan record.
Does a due-and-payable notice mean the lender owns my home?
No. For a HECM, the CFPB explains that the homeowner retains title. The notice means the servicer says a contractual event has triggered repayment; the debt still needs to be resolved under the loan terms.
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Does the 95% rule mean heirs can buy the home for 95% of its value?
Not as a blanket rule. The CFPB describes a 95%-of-appraised-value amount in applicable underwater HECM payoff cases, and separately describes a sale for at least 95% of appraised value when the balance exceeds the home’s value. A sale and a payoff to keep the home are distinct paths. Ask the servicer which rule applies.
What if the reverse mortgage became due because taxes, insurance, or maintenance were not handled?
Contact the servicer and ask whether it will review loss-mitigation options. CFPB examination procedures list possibilities in some cases, including a plan to repay servicer advances, an at-risk extension, a short sale, a deed-in-lieu, or a refinance. These options depend on the facts and are not guaranteed.
The Bottom Line
Keeping a home after a reverse mortgage becomes due usually requires either an eligible person who can remain under the applicable rules or a timely payoff. Confirm the loan type and trigger, get the payoff and deadline in writing, and contact the servicer and a HUD-approved housing counselor promptly. HECM timelines and protections do not automatically apply to proprietary reverse mortgages.
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