More than a million seniors have taken advantage of the federally insured reverse mortgage program to help them remain in their homes as they age since the program’s inception 25 years ago. For the most part, the listing and sale process for homes with reverse mortgages is the same as for any other residential real estate transaction, but there are some timelines, special requirements and other issues unique to reverse mortgages that you should be familiar with if you handle the sale of a home that has one.
To help you understand these differences, an executive of a reverse mortgage loan servicer and a representative of the National Reverse Mortgage Lenders Association (NRMLA) will be on hand in NAR’s Washington studio on April 21 from 2 to 3 p.m. Eastern time to walk you through a variety of scenarios involving homes with reverse mortgages that you may encounter. For example:
- What if it is time to sell the home because the owner is ready to move to an assisted living facility?
- What if the owner has passed away and their children or other heirs need to sell the home?
- What if the owner’s children have power of attorney and are selling the property on behalf of a parent?
- What if the owner owes more on the loan than the home is worth?
We’ll also take questions from viewers.
- Steve Irwin, executive vice president, NRMLA
- Leslie Flynne, chief operating officer of Reverse Mortgage Solutions, Inc.
Click here to register.