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QUESTION:
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Sell | I would like to know if I have a reverse mortgage, if I want to sell, can I do it.
Thank you |  | asked by Elida L., 5/22/2007 |
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Categories:
Mortgages, Politics, Early Retirement
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| ANSWERS: | | Answered by: SilverSurfer, 07/08/07
Overall Rating:  Be the first to rate it. | You can sell, but you'll have to pay off the accumulated reverse mortgage debt when the house is sold. So - you should see how much that debt is before you sell - if the debt is more than the house then you may not want to sell your house. Login to rate this answer: | | Answered by: Terry Dyer, 09/03/07
Overall Rating: Be the first to rate it. | Hi Elida,
You of course can sell you home after getting a reverse mortgage however...because the closing costs are relatively high on these loans it rarely makes sense to get a reverse mortgage if you are able to afford the payments (if any) and other costs when you are planning on moving within 5yrs.
If however getting a reverse mortgage would enable you to stay in you home and that is you desire but for the expense and you can see yourself staying there for the forseeable future then perhaps an reverse mortgage is appropriate.
Best,
Terry Dyer
President
All American Reverse Mortgage
800-201-0343 x 227
terry@jettfi.com
Lic. CA,AZ,WA,IL,OR,FL Login to rate this answer: |
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