What happens if I no longer want the property that I have a reverse mortgage on?
I am considering a reverse mortgage, but I am not sure that I will want this property in a few years. Will that impact the chances of me qualifying for this?
American Advisors Group | Phil Scott
Do not worry, you can sell your home at any time after taking out a reverse mortgage, and this won't affect your chances of qualifying for the loan program. You have the full right to sell up or move whenever you choose to. When the time comes for you to sell your property, the reverse mortgage loan will become due and payable. You will simply be required to pay the reverse mortgage lender back the original loan amount, plus any interest and fees that have accrued. All remaining equity will be passed back to you, on a tax-free basis.
If you would like to receive our helpful DVD, which we'll send to you for free, click on the link or call us on the number provided. The DVD features Former Senator Fred Thompson, and we will send it to you along with a brochure about how a reverse mortgage could help your circumstances.
Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 4/27/2011
If you would like to receive our helpful DVD, which we'll send to you for free, click on the link or call us on the number provided. The DVD features Former Senator Fred Thompson, and we will send it to you along with a brochure about how a reverse mortgage could help your circumstances.
Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Ask a FREE Reverse Mortgage Question
Ask Your QuestionMore Questions
- Is there a set maturity date on the reverse mortgage?
- How will my reverse mortgage affect my eligibilty for other types of loans?
- Can I start paying off my reverse mortgage now?
- Do my property taxes differ with a reverse mortgage?
- Does the bank own my home after I sign up for a reverse mortgage?
- How do I apply for a reverse mortgage?
- How do I designate who will receive my reverse mortgage debt?
- Can I get a reverse mortgage if I have a part time job?
- Which reverse mortgage will cost me less?
- What are the pros and cons to a reverse mortgage?
- How do I know if I qualify for a jumbo reverse mortgage?
- What are the out of pocket expenses of a reverse mortgage?
- Would it be practical for me to get a reverse mortgage if I need financing for a short amount of time?
- Am I going to have to pay back my reverse mortgage if I choose to sell my home?
- What happens if my loan balance on my reverse mortgage is greater than my house value?
- How many lenders should I talk to before getting a reverse mortgage?
- What bills will I still be required to pay if I sign up for a reverse mortgage?
- What is the timeline and requirements I have to follow if I want to cancel a reverse mortgage?
- How long will I have to sign the paperwork once I get approved for a reverse mortgage?


Certified RM Professional



