A reverse mortgage is a mortgage loan, usually secured over a residential property that allows you to borrow money using the equity in your home as security. The loan can be taken as a lump sum, a regular income stream, a line of credit or a combination of these options. Interest is charged like any other loan, except you don't have to make repayments while you live in your home - the interest compounds over time and is added to your loan balance. You remain the owner of your house and can stay in it for as long as you want. Maintaining your house and paying property taxes are all part of the deal. Furthermore, you have to live in the home as your principal residence, so renting it out isn't an option. But what if your home requires modifications to make it easier to live in as you age? Or you decide to sell or move out of your home or, in most cases, if you move into aged care? You must repay the loan in full.
Book Your Appointment Now
Sell your home with a reverse mortgage
Most of the time when you take out a reverse mortgage, you are planning to stay in the home for as long as possible. But there are instances where you need to sell. Therefore, you may want to sell your home with a reverse mortgage at some point in your life, repay the reverse mortgage loan balance and close the account.
If you decide to sell your home with a reverse mortgage, I Buy Canberra Homes will buy it directly from you. No inspections, no appraisals, no repairs and no hassle! You deal with us every step of the way, from initial enquiry through to legal completion and right up to receiving the funds.
You may also want to check out downsizing your home before selling, since not only will this put extra cash in your pocket to help pay for retirement expenses, it will also lower the sometimes forgotten about costs of homeownership. Whatever your reasons are, selling a home with a reverse mortgage is just like selling any other home. You just need to be aware of a few important details as you begin to move forward, because like any other mortgage – once you sell you will need to pay off the reverse mortgage in full.