Reverse mortgages allow seniors to access their home equity to cover living expenses.
However, some seniors might later decide to move closer to family or need to go to a nursing home.
Selling your house with a reverse mortgage is similar to selling a home with a standard mortgage.
The money from a sale would need to pay off the loan balance, and any remaining money would be yours to keep.
Before listing your house, contact your lender to find out your payoff amount, and make sure selling in the current market would make financial sense.
A real estate agent can inform your decision and walk you through the process.
Published with permission from RISMedia.
Source: RIS
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