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How do I sell a reverse mortgage home?
Asked By Donna R. | Pearl City, HI | 1366 views | Selling | Updated 3 years ago
Answers (2)
Amanda Courtney
REP Realty Group
You can sell it just like any other property. The reverse mortgage balance is paid off at closing from the sale proceeds. If the home sells for less than what’s owed, special protections may apply depending on the loan type.
- 3 months ago
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Krishna Perkins
Maverick Homes and Neighborhoods
Hi Donna,
You can sell a home with a reverse mortgage in the same way you would sell a traditional home with a mortgage. The most important step is to contact your reverse mortgage company and ask for an official payoff statement. When you have that part lined up find an Realtor local in your area to help guide you through the process. Ask them for a net sheet based on their analysis before you commit to anything and decide if the deal works for you or not.
You can sell a home with a reverse mortgage in the same way you would sell a traditional home with a mortgage. The most important step is to contact your reverse mortgage company and ask for an official payoff statement. When you have that part lined up find an Realtor local in your area to help guide you through the process. Ask them for a net sheet based on their analysis before you commit to anything and decide if the deal works for you or not.
- 4 years ago
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