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If the homeowner has heirs, the heirs may pay off the loan to gain ownership of the home, but the heirs are not held personally liable for repaying the reverse mortgage debt. In some cases, the borrower’s heirs sell the home and use the money from the sale to pay off the reverse mortgage debt.
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Some homeowners falsely believe a reverse mortgage puts the bank in control of the house or prohibits them from selling the property on their own time table. And although reverse mortgage fraud is a risk to be aware of and guard against, the truth is selling a house with a reverse mortgage is much like any other home sale.
Selling a home with a reverse mortgage works like selling any other home. The same rules apply. consulting a real estate professional can be. short selling Mortgages. The bottom line is that a mortgage is a mortgage whether it’s a forward version or a reverse version. However, mortgage lenders aren’t big fans of home short sales because.
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In most cases, the borrowers’ estate would sell the home and pay off the Reverse Mortgage, just as they would with any other mortgage. If the heirs want to retain the home, they have the option of.
Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a "non-recourse" clause. This means that you, or your estate, can’t owe more than the value of your home when the loan becomes due and the home is sold.
When a reverse mortgage comes due, the borrower (or heirs to the estate) may refinance the home and keep it, sell the home and cash out any.
About the Author: The above Real Estate information on the how to sell a home with a reverse mortgage was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.