Detailed Answer

In North Carolina, transferring title to an inherited home begins with a proper probate administration. Once title passes lawfully to your name, you can work with a lender to secure a reverse mortgage, often called a Home Equity Conversion Mortgage (HECM).

1. Open Probate and Appoint a Personal Representative

If the decedent left a will, you file the original will and a petition for probate in the county where they lived. If there is no will, file a petition for administration under North Carolina General Statutes §28A-10-1. The court issues Letters Testamentary (with a will) or Letters of Administration (without a will) under G.S. 28A-15-1, appointing a Personal Representative.

2. Inventory Assets and Pay Claims

The Personal Representative must file an inventory of estate assets and give notice to creditors. They use estate funds to pay valid debts, taxes, and final expenses before distributing assets to heirs or beneficiaries, as required by G.S. 28A-25-2.

3. Obtain Court Approval for Property Distribution

After paying debts, the Personal Representative petitions the court to confirm the distribution plan. Under G.S. 28A-13-2, if there’s no will, intestate heirs receive property according to statute. If there’s a will, distribution follows the testator’s directions.

4. Prepare and Record the Deed

The Personal Representative signs a deed transferring the home to you. You then record that deed with the county Register of Deeds. Recording puts the world on notice that you own the property.

5. Meet Reverse Mortgage Requirements

Before a lender issues a HECM, you must:

• Be at least 62 years old and occupy the home as your primary residence.
• Own the property outright or have a small mortgage balance you can pay off with reverse mortgage proceeds.
• Have the home appraised by a FHA-approved appraiser.
• Complete a HUD-approved counseling session.

After title transfer and proof of residence, your lender orders a title search and insurance. Once you satisfy underwriting conditions, you close the loan documents and the reverse mortgage is funded.

Key Steps at a Glance

• File for probate and appoint a Personal Representative.
• Inventory estate assets, pay debts, and obtain court approval for distribution.
• Prepare and record a deed transferring the home to your name.
• Confirm you meet Home Equity Conversion Mortgage requirements.
• Complete an appraisal, counseling, and underwriting with your lender.
• Close on the reverse mortgage and access funds.

Need Help? Contact Pierce Law Group

Transferring title and securing a reverse mortgage on an inherited house involves detailed court procedures and lender requirements. Pierce Law Group’s experienced attorneys guide you through every step—from opening probate to closing the reverse mortgage. Reach out today to ensure a smooth process.

Email us at intake@piercelaw.com or call (919) 341-7055 to schedule a consultation.