Real Estate Law
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Yes, if the house is now in your name, then there is nothing that would prevent you from taking out a mortgage in the form of a home equity loan to pay off any existing reverse mortgage. There should actually be a clause in the reverse mortgage loan that states if parent dies, or transfers the property, or defaults, or the home is no longer their personal residence, that the reverse mortgage automatically becomes due at that point.
If the loan officer is telling you that you have to wait a year, I would go and talk to another lender as this may be some type of internal policy..