We are looking to buy a home, and signed a contract for sale for $730,000. The house appraised for just over that amount. Afterwards, we learned that the seller owes more than that ($760,000) on a reverse mortgage. Does HUD/FHA need to approve the sales price before we can close? It seems that because the [.]

What Heirs Need to Know About Reverse Mortgages.. If the heirs decide to sell this house, the home must be listed at a minimum of the appraised value.. Order Kiplinger’s Social Security.

Contact your real estate agent. We not only can help you with the sale of your home, we can help determine the fair market value and determine if selling a home with a reverse mortgage is appropriate for your situation. When the home sells, the reverse mortgage will be paid from the proceeds of the sale.

You can sell a home at anytime you can find a buyer. The problem for many is that five years is a short period to see a gain and you may actually see a loss. Upside down mortgages often require a.

Are you trying to sell a house that has a reverse mortgage?. several clients sell homes with reverse mortgages and said the process can be.

"One big benefit is the reverse mortgage homeowner can live in the house until they pass away," Stobbe says. nothing to reduce these types of living expenses," he says. "Selling your larger home.

Can you sell a house with a reverse mortgage? 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..

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Keller: Reverse mortgages are based on the age of the borrower – only those 62 and older can apply, and the older you are, the more of your home’s equity. amount owed on the house rises to $325,000.

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Contact your real estate agent. We not only can help you with the sale of your home, we can help determine the fair market value and determine if selling a home with a reverse mortgage is appropriate for your situation. When the home sells, the reverse mortgage will be paid from the proceeds of the sale.