Inheriting a house can seem like a godsend in this economy. With a house, you have an additional asset to your name which you can sell and use the money to make your life a little bit better.
However, it’s a different case if your inheritance has a reverse mortgage. You’re not just inheriting a house; you’re inheriting a loan that you now need to pay off.
Even if the situation seems hopeless, there are ways to get out. For your burning questions of how to get out of a reverse mortgage and others like how to sell my house with a reverse mortgage, we’ve got all the answers for you.
How to Get Out of a Reverse Mortgage
Heirs of a reverse mortgaged house often find themselves having to deal with crazy amounts of payable loans. In times like this, you need to know how to get out of a reverse mortgage as fast as you can.
The best way to get out of this type of mortgage is to repay the loan balance in full. This will let you end the matter quick and move on with your life.
However, what if you don’t have the cash? Where can you get thousands of dollars overnight?
The most common solution to this problem is to sell the house and use the proceeds to pay off the loan. You can also refinance the loan into a conventional mortgage. This option is ideal if you plan on living in the mortgaged house for a long time.
Can You Sell a House with a Reverse Mortgage?
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. This is huge especially when you have a loan to pay off.
You can also just sell your house privately. List your home for sale, price it, do all the marketing, do the necessary repairs and clean-ups to make them viable for purchase, and process all the required documents.
Alternatively, you can just sell your house to companies that buy a reverse mortgaged house.
Why Would Companies Want to Buy a Reverse Mortgaged House?
There are what we call real estate investors who are in the business of buying and selling homes. They’re the ones people call when they want to avoid the headaches and costs of dealing with realtors, homebuyers, and the tons of documents that need to be processed.
These real estate investors are buyers of homes with an impending foreclosure, hard-to-repair damages, and other less-than-ideal conditions.
This is the answer to how to sell my house with a reverse mortgage. These companies buy a reverse mortgaged house and resell or rent it out – whatever they decide to do with it. You, the seller, just have to sit back and relax.
Let the real estate investors do all the homework and paperwork for you. Wake up to a brand new start without the burden of a reverse mortgaged house holding you down.