Can I sell my home if I have a reverse mortgage?
The short answer is yes. A reverse mortgage is like any mortgage in that it is a lien on the property. When you sell the home, the loan will be paid off as part of the settlement process. You do not need any special permission from the lender to sell your home.
The escrow company or settlement attorney will subtract the loan payoff, closing costs and other items from the sales price before issuing a check to you for your net proceeds. Exactly as they would do if you had a traditional mortgage.
If you do not have sufficient equity in the property to payoff the reverse mortgage through the sale then you will want to look at alternatives. That is the subject of another post. If you would not be receiving any proceeds, why would you sell anyway?
Again, a reverse mortgage is a loan on your property just like any other mortgage and as a borrower you retain ownership rights to the home with all the responsibilities and privileges, including the power to sell.
The short answer is yes. A reverse mortgage is like any mortgage in that it is a lien on the property. When you sell the home, the loan will be paid off as part of the settlement process. You do not need any special permission from the lender to sell your home.
The escrow company or settlement attorney will subtract the loan payoff, closing costs and other items from the sales price before issuing a check to you for your net proceeds. Exactly as they would do if you had a traditional mortgage.
If you do not have sufficient equity in the property to payoff the reverse mortgage through the sale then you will want to look at alternatives. That is the subject of another post. If you would not be receiving any proceeds, why would you sell anyway?
Again, a reverse mortgage is a loan on your property just like any other mortgage and as a borrower you retain ownership rights to the home with all the responsibilities and privileges, including the power to sell.
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