How Do I Sell My House with a Reverse Mortgage in Maryland?

Simply put, a reverse mortgage is a loan that can be repaid at any time without penalty. Selling a home with a reverse mortgage is not unlike selling a home with a standard mortgage, but there are some key differences to keep in mind. If you are selling your home with a reverse mortgage, here are some suggestions:

1. Obtain the full payoff amount from your reverse mortgage lender. Be sure this quote includes any additional fees or interest.

2. Although this is not necessary, we encourage you to hire a real estate agent to guide you through the sales process.

3. Consider utilizing the services of an experienced real estate attorney to help ensure that the reverse mortgage payment is handled correctly.

4. After you have sold your home, make sure the reverse mortgage loan has been paid in full from the sales proceeds.

For a free, confidential conversation to discuss this and other real estate matters, contact Maryland attorney Stephen J. Reichert at 410-299-4959 or sreichert@reichertlegal.com.

Mr. Reichert personally serves clients throughout the entire state of Maryland, and he looks forward to assisting you.