Reverse Mortgage Home Sales
As a real estate associate broker/agent, I specialize in selling homes with a reverse mortgage. I have acquired a special expertise in this area because I have sold a number of these homes and am also an attorney which helps in these home sale negotiations with the buyers and the reverse mortgage company.
In addition, sometimes, the home may need some repairs before it is placed on the market or simply requires some cleaning and economical staging which allows the seller to obtain a higher sale price. I am quite good at arranging this economically and for maximum monetary benefit. I have sold many homes that require a bit of fixing and cleaning before they are placed on the market. I have a group of experts consisting of painters, plumbers, and handymen who assist me with this. I can also be of assistance in organizing and arranging the packing and or disposal of items in the home that is being sold. I have a great deal of experience in this. I have sold many probate homes as well.
For many senior citizens, obtaining a reverse mortgage allows them to continue living in their home and allows them a stream of income. However, in certain instances your circumstances may have changed and continuing to live in your home becomes impossible or undesirable.
There are three circumstances in which the owner of a reverse mortgage home may wish to sell their home which are as follows:
- Your physical condition has deteriorated and living in your home is no longer possible; a move to a assisted living or nursing facility or living with a family member is needed. The reverse mortgage contract generally requires that you continue living in the home. Generally, after 6 months to a year, the mortgage co. can begin foreclosure proceedings if you no longer live in the home and have not sold the property. In this situation, you may want to promptly sell the property during this window in order to obtain the homes equity if there is any. Sometimes, the mortgage company will extend the 6 month to 1 year period but this must be agreed to by the parties. If you would like to sell the home, it is imperative that you promptly make arrangements to sell the home before the reverse mortgage co. begins foreclosure proceedings in order to obtain title to the home.
- You may need to sell your reverse mortgage home because it is too expensive to pay for the continued maintenance of the home and/or the property taxes or Homeowner’s Association Fees as required under the terms of the reverse mortgage contract.
- The owner of the home (loan signor) dies and leaves the house to his beneficiaries who may want to sell the home and obtain the equity if the home is worth more than the existing mortgage and any closing costs incurred in selling the home.
If you are considering selling your reverse mortgage home or have inherited a reverse mortgage home, please call me to obtain a free consultation regarding whether selling the home will be of benefit to you.
I will always convey to you honest information regarding whether selling the home is specifically in your interest. Of course, ultimately this is your personal decision.
Brian, I would like to post reviews and the homes I have sold as reverse mortgage or fixer homes. Please prepare area for reviews and pictures of homes. Please provide me with any additional ideas regarding what to post in the website. Please of course organize this information as you see fit. Thank you, Pauline Chernick
