Selling a reverse mortgaged home is the same as selling any other home.You will need to pay off the lender once the sale is complete.If you want to sell the home yourself, contact a real estate agent.If you want to make your house more appealing to potential buyers, you should decorate it inside and out.If you need more time to sell the reverse mortgaged house, appeal to your lender for an extension on the sale period.
Step 1: Know when it's time to sell your reverse mortgaged home.
It is almost inevitable that a reverse mortgaged home will be sold.If you are the last surviving borrower named on the mortgage, the loan must be paid off.The easiest way to pay off the mortgage is to sell the house.Leaving the home for more than a year is defined as moving out.You should always check the terms of your mortgage to see if there are conditions for property sale or loan repayment.
Step 2: You should check your mortgage for a non-recourse clause.
A non-recourse clause means that when you sell the reverse mortgaged home, you won't pay more than the home is worth.If your reverse mortgaged home is worth $20,000 but the mortgage is $30,000 with interest, you will pay $20,000.Most reverse mortgages have non-recourse clauses and are backed by the federal government.
Step 3: Know when it's time to sell your reverse mortgaged home.
If the remaining loan balance is less than the value of the house, you should keep the home.If the home is worth $70,000 and the mortgage is $50,000, you could make $20,000 from the sale.If the home is worth $20,000 but the mortgage balance is $50,000, you would have to sell it for $20,000.You can turn the property over to the lender.If you don't want to sell the home, let the lender know you're interested in letting them take it back.They will show you the next steps.
Step 4: Call your lender.
Let your lender know that you want to sell your home.How much you owe on the mortgage will be confirmed by your lender.If there are additional fees that need to be paid before the sale goes through, ask your lender.Obtain a written statement detailing the full payoff amount.
Step 5: Get your home looked at.
If your home needs to be repaired or updated, you should contact a home inspector.Make the recommended improvements to your house if your inspector discovers faulty or outdated equipment.An inspector will inspect the reverse mortgaged home for a serious buyer before they seal the deal.The potential buyer will be wary of buying the home if they detect anything amiss.It costs between $200 and $400 to have an inspection.
Step 6: It's a good idea to dress up the inside of your home.
It will be hard for others to buy your home if it is unattractive.Get a stager to help you dress your home up.Dust, and cluttered areas can be vacuumed.If you smoke, open the windows and use scented candles and odor-eliminating sprays to get rid of pet odors.If your walls are garishly painted or wallpapered, strip the wallpaper and repaint them in more subdued tones.You can rent a storage locker to store your belongings during the time when the house is for sale.Hire a stager to help you figure out how to make your home look better.A stager helps prepare homes for sale by arranging and updating them in ways that are attractive to buyers.A stager will charge $150 per hour.
Step 7: The curb appeal needs to be increased.
Take care of your yard by mowing the grass, raking the leaves, planting flowers, putting down mulch, and removing random junk.Paint your door and wash your walkway.If your fixture is old, remove it and install newer ones.
Step 8: You can find a real estate agent.
The easiest way to sell your home is through a real estate agency.Your agent will market your home to potential buyers, negotiate with them on your behalf, and help you arrange the necessary paperwork to get your house sold.There is a good reputation for an agent.You can find and locate an agent who seems trustworthy by reading online reviews.Ask your friends and neighbors if they have sold their homes.If you want to work with a real estate agent, you need to interview several of them.They can give you advice on how to sell the property.If you want to make your home more appealing to potential buyers, ask them what they would highlight about it.
Step 9: Sell your home on your own.
If you don't want to use a real estate agency or agent, you can use websites like For Sale byOwner.com.All major real estate portals can be used to market your home.Take flattering pictures of your reverse mortgaged home, both inside and out, without your furniture and belongings.It can be difficult to sell a reverse mortgaged home.Don't sell your home on your own.If you want to sell the home yourself because you are concerned about paying the real estate agent's fees, talk to a few agents up front about your cost concerns and see if you can find an agent who is willing to negotiate their listing and sale fees.
Step 10: It's important to price your home correctly.
You won't be able to find a buyer if your reverse mortgaged home is too expensive.If the price of your reverse mortgaged home is too low, you will end up with less than you should.If you want to sell your reverse-mortgaged home, you need to hire a professional property appraiser.The value of a piece of property can be determined by its location, improvement, and other variables.You can find an appraiser by using the International Society of Appraisers database.Setting the right sale price for your reverse mortgaged home is another area where you could benefit from the assistance and experience of a real estate agent.
Step 11: It's a good idea to be flexible about showing the home.
If you sell the reverse mortgaged house yourself, you will need to invite people into the home so they can see it in person.If you sell through an agent, you will need to temporarily leave the reverse mortgaged home while the agent shows it to prospective buyers.If you are selling the reverse mortgaged home yourself, you need to be at home to let potential buyers in.You will need to work around potential buyers' schedules.The reverse mortgaged home can be seen in the morning, afternoon, weekends, and evenings.Buyers feel more comfortable viewing a home in the presence of an impartial agent than a homeowner might make them feel.Pets should be removed when you are showing your home.They could be taken to the park by a friend or relative.Pets can be removed like dog toys and food bowls.Buyers are less likely to purchase a reverse mortgaged home if they know that pets live in the house.
Step 12: Act quickly.
You will likely be on a tight schedule after you decide to sell the home.Depending on the terms of the mortgage, you have to sell your reverse mortgaged home and repay it within a certain period of time.The lender would like to be repaid quickly.You can get an extension on the time you have to sell the reverse mortgaged home if you show that you are making a good-faith effort.You should notdawdle.It takes six months to sell a house.
Step 13: Pay off the mortgage.
You can use the proceeds from the sale of your reverse mortgaged home to pay off your mortgage.If you paid any liens or fees after the reverse mortgaged house was sold, you should pay them as well.You can deposit the rest in your savings account.The services of a real estate attorney can help you get the mortgage paid off.A real estate attorney is a lawyer who deals with property sales.