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The loan comes due when the borrower dies or moves out of the house for more than 12 consecutive months. Once the mortgage comes due the borrower or heirs of the estate will have an option to refinance the home and keep it, sell the home and cash out the equity, or turn the home over to the lender.
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Getting ready to sell your house, looking to refinance or buying a. home’s value for the sake of your overall wealth, however, the best thing you can do is continue to pay off your mortgage and.
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About the Author: The above Real Estate information on the how to sell a home with a reverse mortgage was provided by Bill Gassett, a Nationally recognized leader in his field. Bill can be reached via email at [email protected] or by phone at 508-625-0191. Bill has helped people move in and out of many Metrowest towns for the last 29+ Years.