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Parents Had A Reverse Mortgage, Now I’m Stuck Figuring Out What To Do — Advice?

Hi everyone, I could really use some guidance on handling a reverse mortgage situation after my parents passed.

My parents took out a reverse mortgage about 8 years ago on their primary home. Unfortunately, both of them have now passed away. The current loan balance is around $235,000, and the home is worth approximately $680,000.

The property is held in a living trust, and I am the executor. My sibling and I currently live in the home.

Here’s where things stand financially:

My credit score is just over 800
My annual income is about $100,000
My dad had a business that is still operational, which brings in additional income
There is also a second property that is fully paid off, worth about $450,000 (also part of the trust)

From what I understand, I have a few options:

Pay off the reverse mortgage and keep the home
Refinance into a traditional mortgage in my name
Sell the property

What I’m trying to figure out is:

What’s the smartest financial move in this situation?
Is refinancing the best route given my income/credit?
Are there any tax implications or pitfalls I should be aware of with the trust and inherited property?
Would lenders consider the additional income from the business?

I’m trying to make a decision that preserves as much value as possible while keeping things manageable long-term.

Any advice, experiences, or things I should watch out for would really help. Thanks in advance

Location: Los Angeles, CA

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Parents Had A Reverse Mortgage, Now I’m Stuck Figuring Out What To Do — Advice?

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