The good news is selling a home with a reverse mortgage is similar to selling a regular home. However, there are a few things you should be aware of. One of those things is you need to pay the reverse mortgage in full once the home sells. Family members are often left with paying a reverse mortgage off.
Before selling a home with a reverse mortgage, contact the lender to find out the loan pay off. The lender will also explain the selling procedure. If the home value (sales price) is greater than the loan pay off. The difference between the sales price and expenses will be disbursed at settlement.
Reverse Mortgages. The most popular type of reverse mortgage is FHA’s Home Equity Conversion Mortgage (HECM). A "reverse" mortgage is a particular type of loan that allows older homeowners to convert some of the equity in their home into cash in the form of a lump sum (subject to some limitations), monthly amounts, or a line of credit.
Some homeowners falsely believe a reverse mortgage puts the bank in control of the house or prohibits them from selling the property on their own time table. And although reverse mortgage fraud is a risk to be aware of and guard against, the truth is selling a house with a reverse mortgage is much like any other home sale.
First, weigh all your options. Besides a reverse mortgage, other options include selling one’s house to downsize or rent, using a home-equity line of credit, or seeking local-government assistance to.
Selling a house with a Reverse Mortgage, asked by a NewRetirement member, has been answered by a retirement professional or other member. Get answers to your questions about Right for You?, Retirement Planning, Reverse Mortgages, Housing.
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The idea of a reverse mortgage certainly sounds good: A person who is 62 or. or vacations without having to sell (or vacate) the family home.
People often ask if there are any restrictions when it comes to selling a home when the owner has a reverse mortgage. Others are often concerned that, with a reverse mortgage, there could be a chance that their home will sell for less than the amount they owe on it.