Let’s face it, life moves quickly. There are a lot of things that can happen that might make you want to sell your house with a reverse mortgage. Maybe you want to buy a new house, you’re thinking about moving into a retirement home, or a loved one dies and you don’t know what to do with their house. Whatever the reason, it can be hard to know where to start when selling a house with a reverse mortgage, but here are the steps to follow.
Know What is Owed
The first step in selling a house with a reverse mortgage is to know what is owed. By contacting the lender, this will allow you to calculate how much you have borrowed from them and figure out what fees or interest are owed.
Check the Contract
After you know how much you owe on your loan, you should revisit your contract and see what the interest rate for the loan is, or if there are any early termination fees involved. Once you know this you will be able to better plan for selling your home.
Consider Debt vs. Value
In order to make a final decision on if it makes sense to sell your home, it’s important to look at how much you owe compared to how much the house is worth. If the amount of the home is similar to the total of your loan, it might not be possible to sell.
Get a Payoff Quote
In order to get a payoff quote, you must contact your lender. This is important because this quote will allow you to see how much you’ll have to pay if you want to pay off the loan in full to sell your house.
Consider an As-Is Home Buyer
So you’ve followed all of the steps listed above and you’re ready to sell your house. Listing a house for sale with a reverse mortgage is just like selling any other house. You must update the home before listing it, attract buyers, and wait until an offer comes along that you’re willing to accept. After dealing with the lender back and forth, reading documents and weighing pros and cons, it can seem daunting to deal with selling your house. If this is the case, another option that’s available to you for selling your home is selling to a St. Louis as-is home buyer. An as-is home buyer will buy your home despite outdated fixtures and appliances or any family time constraints.
If you’re interested in selling your home to an a St. Louis cash home buyer, Evervest Home Buyers knows the St. Louis market. We understand that selling a house with a reverse mortgage can be a stressful and sometimes painful process. That is why we are dedicated to working quickly so that we can save you from the hassle of repairing your house, and meet any financial or family time constraints that you may have. If you would like a consultation, feel free to call Evervest HomeBuyers at 314-730-0366, or Contact Us today for more information.