A reverse mortgage is a mortgage loan that can be repaid at any time without penalty. Therefore, the answer is yes: a borrower can sell a home with a reverse mortgage at any time they choose, just like a traditional mortgage. When a borrower sells their home, they must repay.
– Someone I know in senior management at a mortgage bank. 0,000 reverse mortgage. She was talking about when she incidentally CC’d a retail loan officer something showing that amount, it caused a shitstorm because the loan officers generally don’t know how profitable these are.
Repayment of the reverse mortgage comes due when the last surviving borrower dies. Thus your estate plan should take into account what other residents will do for housing if your estate is required to sell your home, especially if a reverse mortgage has eaten substantially into your equity.
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The author is not trying to sell Reverse mortgages, just informing financial advisors about different uses of the product. This book should be required reading for all financial planners and Reverse mortgage originators. As a Reverse mortgage originator myself, I agree that the product is not right for every senior.
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It was used in new home construction and. The agreement should also provide a representation and warranty that the.
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That question should be answered by a loan officer that specializes in Reverse Mortgages. Also, you could check with a real estate attorney. Personally, I do not think that there any conditions that you have to clear in order to sell a home with a Reverse Mortgage, providing that you pay your full debt at closing.
That means that a real estate agent with fewer years in the business may in fact have helped to buy and sell a lot more properties than you would otherwise expect. That extra experience carries some.
The Realtors Guide to Reverse Mortgages for Home Purchase. In addition to condominiums, HUD and lenders often have restrictions on other property types including Manufactured Homes, Log Homes, Earth Homes, 3 – 4 unit properties and as stated earlier, unique properties which cannot be compared to similar homes on the sales comparison portion of the appraisal due to lack of similar sales.