With a traditional mortgage, when you sell the home, you need to pay off the mortgage in full. The same applies to a reverse mortgage. However, there are a few important details you should be aware of, as the process can be complicated.
Most importantly, once you sell a house with a reverse mortgage, you will be required to pay back the loan in full with the proceeds from the sale. To determine the viability of a home sale, it’s important to understand how a reverse mortgage works .
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· One alternative is to buy their new home with a reverse mortgage. If the youngest borrower is 65, they could get their $400,000 home by putting $200,000 down and taking a reverse mortgage with a lump sum distribution of $200,000. That leaves them with no house payment, a $400,000 home, and $200,000 in the bank.
One way you can convert your home equity into money is through a. a new house, HECM for Purchase may be the right program for you.
Why can’t a reverse-mortgage foreclosed house be sold for less than appraised value? Find answers to this and many other questions on Trulia Voices, a community for you to find and. Get answers, and share your insights and experience.
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Don’t forget to explain that you intend to buy a new home with the proceeds from your reverse mortgage. That way, your lender can figure out how much you can borrow based on your financial situation. Unlike a standard reverse mortgage, the HECM for Purchase Loan requires a down payment.
· Good Morning! I touch on this every now and then, because I want you to know it’s possible to purchase a home with a Reverse Mortgage, and how it works. I’ll give you an example. Let’s say you are 65 years old. You want to buy a $200,000 house. You have $110,000 to put down.
The short answer is yes, you can sell a house with a reverse mortgage. Although, the heart of the matter lies in the "how." You can hire a real estate agent to help you out, but keep in mind that this will require you to pay the agent a commission of about 6% of your total proceeds.
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