Can One Sell a Home With a Reverse Mortgage

Can One Sell a Home With a Reverse Mortgage

There are different mortgage options available if you wish to acquire a house. By choosing the right home loan, you can finally make your dream home purchase a reality. But what if you already have a house you acquired through a reverse mortgage Houston TX?

Can you sell your home or not?

Know How Much You Owe

A Reverse Mortgage is called like so since this is a type of home loan wherein the lender pays the homeowner. With a reverse mortgage Houston TX, people in their retirement years can borrow money against their property’s value. It won’t require prepayment until the homeowner passed away or when the house is sold. The best thing about this mortgage type is that you get to stay in your house as long as you maintain your home and pays your property taxes and insurance.

But how can you sell your house with a reverse mortgage Houston TX? Here’s how.

Know How Much You Owe

The first thing on your list is to check what you owe. When it comes to a Reverse Mortgage, the amount you owe is the amount you received to-date. It’s best to reach out to your mortgage lender and ask them your balanced owed.

Compare The Value Of The House With Your Debt

This is how you can check if you can sell your house with a reverse mortgage or not. Check how much you and the value of your home. If what you owe and your home’s value is almost the same, then selling might not be the best idea. Otherwise, it can make sense of selling your house.

Check Your Mortgage Documents

Knowing if you need to tender any early payoff fees and how much interest rate your lender is charging you is essential as it can help you plan your home sale better.

Ask Your Lender For A Payoff Statement

You will need to check how much the payoff fees you need to settle, so you close your mortgage. Contact your lender they should be able to email you a payoff statement.

Decide Whether Or Not To Hire A Real Estate Agent

Hiring a real estate agent can help you sell your home faster and at a better price. However, many sellers choose to skip the hiring a real estate agent to save money by listing your home yourself.

List Your Home For Sale

Listing your home also requires advertisement and handling all inquiries of potential home buyers. If you don’t have the time or wants as little interaction with home buyers as possible, then you’re better of hiring a real estate agent.

Hire A Lawyer

Not all states require you to have a lawyer present during the home purchase transaction. However, having a lawyer is the best way to ensure the transaction goes smoothly and that all parties understand the clauses of the sale.

Good Read: Should I Hire a Lawyer to Help Sell My Home?

Sell Your House

After successfully selling your home, you receive all remaining funds after your lender receives their payment.

More homes with a reverse mortgage are getting sold these days. Follow these tips, and you’ll be able to sell your house the right way.