Reverse Mortgages and Need to Knows of Selling a Home
Selling your home may be something you are thinking of doing. However, you have a reverse mortgage and you don’t know if it is the best option for you to sell your home. Here is what you need to know about selling a home with a reverse mortgage:
Can I sell a home with a reverse mortgage?
The answer is simple, yes you can sell your home even with a reverse mortgage. You can sell your home whenever it is the best time for you and your family, without a penalty on your mortgage.
The Six Steps to Selling a House with a Reverse Mortgage
1. Get a payoff quote. It is important you as the seller, know how much you owe and what funds you need to pay off your reverse mortgage.
2. Payoff quote expiration. Once you know the total amount for the payoff you must find out and make a note of the expiration date. You have to know how much to budget for in order to pay off your reverse mortgage loan.
3. Listing Price and Sales Representative. Find out how much your home is worth within the current market. Then determine what price you want to list your home for based on the current market value and payoff quote on the reverse mortgage. Then you have to decide who is going to be helping you with the sale of your home. If it is a sales representative, then you need to find one who you can trust to help you during this process.
4. List the Home for Sale. Prepare your home for potential buyers. This means having a for sale sign up, having photographs taken, advertising your home and ensuring it is ready for a potential buyer to walk through at a moment’s notice.
5. Hire a real estate attorney. This will help you to know that the payment and closing of your reverse mortgage is taken care of properly.
6. Complete the sale of your home. When you receive an offer in which you’re going to accept, then the sale of your home can be completed and finalized with the help of your attorney and sales representative. Once the home closes, you have to ensure that the reverse mortgage loan is paid off so that the reverse mortgage account is closed. Any remaining money from the sale of your home which is not used to repay the mortgage loan will then be yours to keep.
Regardless of the type of mortgage loan you have; traditional or reverse, you can sell your home!