can you sell your house if you have a reverse mortgage

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Reverse mortgage, downsizing or HELOC? The best way to boost your retirement income – your reverse mortgage would roll into another loan on which you’d have to keep paying interest at the end of the five-year term, unless you die or sell the house. Birenbaum, McLister and Heath all.

Selling Your Home after a Reverse Mortgage Loan. You have asked a question that actually covers distinctly different scenarios. If a borrower passes and the home goes to heirs, the lender will also order an appraisal and if the property is worth less than what is owed on the mortgage, the lender will work with the borrowers’ heirs to allow the home to be sold at less than the loan balance.

You can properly educate yourself by requesting free information online, attending a reverse mortgage counseling session, conducting your own research on the reverse mortgage facts, as well as speaking honestly with a licensed reverse mortgage professional about your questions and concerns. Armed with this knowledge, by loan closing you will.

Thinking About a Reverse Mortgage? Here's What to Know. | Fatherly – When Is the Best Time to List Your House for Sale?. tackles the best season to sell your home and the pros and cons of reverse mortgages.. seeks to answer questions about how to manage money when you have a family.

If I get a reverse mortgage, can I leave my home to my heirs. – Sell the home and use the proceeds to repay the reverse mortgage. (With a HECM, the heirs can sell the home for the full amount of debt owed on the loan or an amount that is at least 95% of the current appraised value of the property.) 3. Deed the home to the lender. 4. Do nothing and let the lender foreclose.

What Happens to My Mortgage When I Sell a Home. – Mortgages Contain Due-on-Sale Clauses. With the exception of assumable mortgages, such as some Federal Housing Administration and veterans affairs loans, you can’t sell a home and transfer the existing mortgage to the buyer. A due-on-sale clause in your original mortgage agreement gives the lender the right to call your remaining mortgage balance due.

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How to Sell a Home With a Reverse Mortgage – Top Real Estate. – If you want to sell your home with a reverse mortgage, take a look at your loan documents any other pertinent documents to determine what you have been paid so far. You want to know exactly what you will be required to pay should you sell your home, including all interest and fees up to the point when you make the sale.