What Realtors Should Know When Selling Homes with Reverse Mortgages » Mortgage Masters Group

How is selling a home with a reverse mortgage different than selling traditionally? While the process is mostly the same, there are a few key differences when you sell a home with a reverse mortgage. Equity is going in reverse: With a traditional mortgage, you’re gaining equity every month as you pay your principal. With a reverse mortgage, you’re losing equity and increasing your debt each month as you’re paid.

There’s no rule that says you can’t sell a house with a reverse mortgage, but you should ideally be able to sell it for more than your reverse mortgage balance. lenders are required to accept 95 percent of your home’s appraised value or your full reverse mortgage loan balance, whichever is less.

One answer for those over the age of 62, may be a Reverse Mortgage. What is a Reverse Mortgage? A reverse mortgage is a program for seniors age 62 and older. The program enables homeowner’s to receive part of their home equity as tax-free income without having to sell their home, give up title or pay a mortgage payment.

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Selling a Home with a Reverse Mortgage – Considerations for Real Estate Professionals. Reverse mortgages, which are also known as Home Equity Conversion Mortgages, became quite popular over the last few decades. It is a loan program created in 1988 and offered through the FHA, for homeowners who are 62 years of age or older.

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.

On the surface, it may seem counter-intuitive for a realtor to use reverse mortgages to sell more real estate. With the exception of a HECM for Purchase, reverse mortgages are designed to enable senior homeowners to stay in their homes and not have to sell them.

RISMEDIA, June 16, 2010-As part of American Advisors Group’s strategic growth plans to be the largest private national reverse mortgage lender. reverse mortgages present opportunities for seniors.

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Definition of "Reverse Mortgage". The ‘forward’ mortgages that are used to purchase homes build-equity the value of the home less the mortgage balance. Borrowers pay down the balance over time, and by age 62, when they become eligible for a reverse mortgage, loan balances are either paid off or much reduced.