Protect Your Equity, Protect Your Future.
You Have Options with a Reverse Mortgage
All too often, homeowners or their heirs believe they’re out of options when a property is tied to a reverse mortgage. That’s simply not true. While a reverse mortgage does place a lien against the property, it doesn’t mean you’re trapped. Whether you’re the homeowner or you’ve inherited a property, you still have choices. The key is knowing your options and acting quickly so you can make the best financial decision for you and your family.
Sell
Sell it and keep any equity left
You can choose to sell the home. After the reverse mortgage balance is paid from the sale proceeds, any remaining equity belongs to you or the estate. Keep in mind, time is of the essence. Typically, the lender places a time restriction on the property once the borrower has passed away or moved out. It’s in the estate’s best interest to understand that timeframe and act promptly to protect any remaining equity.
Keep
Keep it by paying off the balance
If you’d like to keep the property, you can pay off the reverse mortgage—either with cash or by refinancing into a traditional mortgage. Doing so clears the loan and allows you to retain full ownership. Once the balance is settled, you’re free to make the home your primary residence, keep it in the family, or even convert it into an income-producing rental property. For many heirs, this option is a way to preserve family legacy or turn the property into a long-term investment.
Surrender
Walk away without debt
If the home is worth less than what’s owed, you are not responsible for the difference. Reverse mortgages are “non-recourse” loans, which means neither you nor your family will ever owe more than the home’s value. In this case, you can walk away and allow the lender to assume the loss. However, before making that decision, it’s important to have a real estate professional evaluate the property’s value. If there’s equity, you don’t want to risk walking away from money that rightfully belongs to you or the estate.
Here Are Your Options
Download Your FREE Reverse Mortgage Guide
Why Call US
Having nearly four decades of combined real estate experience, both Roderick and Brandi share a passion for providing solutions for families. They are dedicated to helping homeowners navigate complex situations and guiding them through every step of the process. Whether selling a home or facing unique challenges, having the right guidance can make all the difference in protecting your future and preserving your family's most cherished asset.
Simple answers, real guidance, just one call or click away.
Get in Touch
323.793.1518
