Note: Questions are bolded for clarity.
So the history is that my Dad just passed away recently, and I've had to do some research on how a reverse mortgage is going to affect things. So I understand how the reverse loans works, by basically putting the house up as collateral, and receiving an amount based on the home's equity (if that's explained correctly). Essentially, the estate loses the house if it can't pay the reverse mortgage.
The problem I had was finding out what happens after the home owner dies:
1. How quickly does his death need to be reported?
2. Are there any guidelines that explain how long the provider has to give the estate to clear out the house (if the reverse mortgage can't be paid)?
I'm looking for situations in the United States, that would affect any reverse mortgage, and would need to know if any of those questions will be provider specific.