A reverse mortgage is a type of mortgage loan that enables homeowners, particularly seniors, to access the accumulated equity value of their home without selling it.
Reverse mortgages first arrived in the 1960s but have become popular in recent years. More homeowners are using them for the funds required to comfortably age in place.
Sometimes, however, plans change. Some homeowners discover they want to move after all, perhaps to be close to family. Others move into an assisted living environment to help them with the demands of aging. What happens to the reverse mortgage then?
Good news: You can still sell a home with a reverse mortgage – if you know how.
Selling Your Home With a Reverse Mortgage
The majority of homes on the market have an outstanding mortgage. A reverse mortgage is very similar. Although it might seem intimidating, it merely means you’ll need to do things in the right order.
Here’s the best approach to selling your home with a reverse mortgage:
Selling your home with a reverse mortgage doesn’t have to be a headache. Reach out to a real estate agent you can trust, and they’ll make the process easier.