How a home can be sold
Selling a home with a reverse mortgage is not as straightforward as selling a home with a conventional mortgage, but it is possible with some preparation. With a Refinance Reverse Mortgage Los Angeles , you borrow against the equity in your home in exchange for a lump sum of cash or a series of monthly payments. Instead of paying your bank, you receive a payment from it. The reverse mortgage does not need to be repaid until the homeowner dies or vacates the property. This can be a terrific option for seniors to cover living expenses throughout retirement while remaining in their home. This includes sales. Can a home be sold with a reverse mortgage? Yes, it is possible to sell a home with a reverse mortgage. Your lender cannot compel you to sell the property, but you are free to do so whenever you desire . Keep in mind, however, that when you sell your house, your reverse mortgage becomes due, and you will be responsible for repaying the loan total plus interest and