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There is no contract of employment and no contractual notice period. The OPN will be the statutory notice period the employee is entitled to (1 week for every full year of employment up to a maximum of 12 weeks);There is a 3 month contractual notice period and the employer has served the employee with this period of notice. The OPN will be 3 months;There is a 2 month contractual notice period, however the employer has served the employee with a longer notice, say 6 months.

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If the property is now appraised at a higher market value, there is a good chance that the heir can easily secure a new mortgage and settle the reverse mortgage quickly. However, if the property has declined in value, the heir will have a much harder time securing a new mortgage to pay off the reverse mortgage arrangement. From a practical point of view, it may be in the best interests of the heir to simply allow the lender to lay claim to the property and sell it off in order to recover as much of the investment as possible.

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