Can I Sell My House If I Have a Reverse Mortgage?

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Do you have a reverse mortgage? Do you need to sell your house? Many homeowners and heirs face this situation. They often feel confused about the process. The simple answer is yes. You can absolutely sell your home. This guide explains the exact steps.

This article is for homeowners who must move. It is also for heirs managing an estate. We solve the problem of selling a home with a reverse mortgage.

How Does a Reverse Mortgage Affect Selling?

A reverse mortgage becomes "due and payable" when you move. This also happens when the last borrower passes away. The loan balance must be paid in full. This balance includes the cash you received. It also adds accrued interest and fees. You pay this balance from the sale proceeds. The money left over is your equity.

What is the Process to Sell a House with a Reverse Mortgage?

Selling your home follows a clear path. Here are the five key steps.

1. Request a Payoff Statement. Contact your loan servicer. Ask for the total amount due.

2. Determine Your Home's Value. Get a real estate agent's opinion. Or, ask a cash buyer for an offer.

3. Sell the Property. You can list it on the market. You can also sell it directly to a cash buyer.

4. Pay the Loan at Closing. The title company handles this. They send the payoff amount to the lender.

5. Receive Your Equity. You keep all remaining funds. This is your profit from the sale.

What if I Owe More Than the House is Worth?

This is a common fear. Most reverse mortgages are non-recourse loans. This includes federal HECM loans. A non-recourse loan protects you. The lender cannot take your other assets. You (or your heirs) will not owe the difference. The lender only receives the proceeds from the sale.

How Can Sell My House Fast Local Help?

The traditional sales process is slow. Lenders often pressure heirs for a quick sale. This adds significant stress. Sell My House Fast Local offers a simple solution. We are a trusted cash home buyer. We buy houses in any condition. We specialize in complex situations. This includes reverse mortgages.

We provide a fair, no-obligation cash offer. We can close on your timeline. You avoid repairs, showings, and commissions. Sell My House Fast Local handles the entire payoff process for you.