When homeowners take out a reverse mortgage, they do not have to pay anything back as long as they live in the house. If they move out of the house
or pass away, the balance including principal and interest becomes due. There is a 6 month grace period for the homeowners or their heirs to pay off the mortgage. The heirs can either sell the house or keep it. Either way, the mortgage must be repaid. It is possible to get up to two 90 day extensions to give the heirs additional time to sell the house. You are quickly coming up to end of the maximum extension of one year (6 months + 90 days + 90 days).
In order for you to take a reverse mortgage, you must be over age 62, own the property and live in the house. If you meet these criteria, you can use a reverse mortgage in your name to pay off your mother's reverse mortgage. The amount you can borrow depends on the appraised value of the house, current interest rates and your age. The younger you are, the less you can borrow. So at age 63, you might not have access to as much principle as your mother had. The amount you can borrow may not cover the payoff for her loan. You may have to add cash to pay off her mortgage.