For homeowners aged 62 and over, reverse mortgages are a decidedly sound way to pay the bills and expenses you can’t seem to cover on a fixed income. Not only are you able to use and enjoy the equity you’ve built in your home, but you don’t need to concern yourself with shortfalls each month between social security checks. For low-income seniors, a reverse mortgage can be the lifeline necessary to enjoy your golden years in your own home, without the stress and burden of economic hardships.
Reverse mortgages are a low-hassle way for elder homeowners to hold onto the home in which they’ve lived for many years. However, when it’s time to sell, there can be a few hurdles for the family. Whether the homeowner has health issues and needs to transition into a care facility, or has passed away, selling a home with a reverse mortgage may have some red-tape attached.
Selling with a Reverse Mortgage
As the reverse mortgage is a loan, there will be some loose ends to tie up prior to being able to put the house on the market. Repayment of the loan, typically up to 95% of the current market value of the home, must happen before the heirs or homeowner can sell. Once the mortgage lender has been repaid, the heirs, or homeowner can then pocket the balance or use it to pay for care costs of the homeowner.
Selling your reverse mortgage home can be stressful. The responsibility can be overwhelming, should you need to go on to assisted living or a skilled nursing facility. Heirs to the property, and those settling a loved one’s estate, have the option of repaying the debt through selling the home, paying off the loan, or, in some cases, handing over the keys to the mortgage lender to settle the debt. If there is equity in the home, or if the appraised value is much higher than the debt, selling the home makes the most sense, even given the hassle of such a task.
The Easy Way Out
Eliminate the hassle of selling the home, and walk away without the stress of settling the reverse mortgage debt on your own, when you sell your home to Lemon Houses. Homeowners in the greater Orlando area, and across Florida, have turned to Lemon Houses when they need to sell their home fast. You, too, can sell your home with ease, even with a reverse mortgage, when you use Lemon Houses.
By contracting to sell your home to Lemon Houses, you eliminate the middle man, the real estate company. In doing so, you avoid commission fees, which cut into any profit you gain by settling your reverse mortgage. You simply sell the home to Lemon Houses and walk away with the cash in your hand. It really is that easy!
Many seniors have lived in their reverse mortgage home a number of years. There may be significant repairs and updating necessary to ready the home to put on the market. For family members, this could mean out-of-pocket expenses, and valuable time spent with contractors and repairmen, an even bigger hardship for those who aren’t local. With Lemon Houses, you never need to worry about repairs. We’ll buy your home as is and guarantee the best cash offer for your home.
Sell Your House Fast With Lemon Houses Today
With no repairs, and no commissions to pay, Lemon Houses helps you squeeze the most out of your reverse mortgage home. We guarantee the best cash offer for your home and fast, easy closing. Contact Lemon Houses today and deal with your reverse mortgage home the easy way.