Virginia
Selling with a reverse mortgage
A reverse mortgage is a loan secured by the house. Selling means the servicer's payoff has to be dealt with at settlement.
HUD describes the Home Equity Conversion Mortgage as an FHA-insured reverse mortgage for homeowners 62 and older.
Bring the latest statement. We look at the house. We do not quote the payoff. The servicer does.
What to ask the servicer
Ask for a payoff good through a date you choose, and ask where to send it. HUD's HECM pages are the federal description of the program. Your loan's servicer is the source for your balance.
Heirs sometimes discover the loan after a death. Pair this article with the probate article and the after-a-death article. The loan does not replace qualification, and qualification does not replace the payoff.
The house is still a house
Condition, occupancy, and repairs are the same conversation as any other sale. A cash walkthrough or a listing can both sit next to a HECM payoff. The statement shows the payoff as a line.
Call (540) 547-SELL, say there is a reverse mortgage, and send the address. We will ask for the statement. The balance stays the servicer's number.
Reverse mortgage sale
The balance comes from the servicer. We do not print one.
| Item | Source | On the statement |
|---|---|---|
| Payoff | Servicer. | A line that must be paid or otherwise resolved. |
| Program rules | HUD's HECM description for the federal program. | Your note and deed of trust for this loan. |
| Heirs | Qualification may also be required. See the probate article. | Same estate step. |
| Condition | We still walk the house. | Shoppers still see the house. |
Virginia questions
- Can the sale pay off the reverse mortgage?
- That is what the payoff line is for, when the numbers work. The statement shows whether they do. We do not promise it from a phone call.
- Are you the HECM servicer?
- No. Call the servicer for the balance. Call us about the house.
- Is 62 a number you invented?
- No. HUD describes HECM eligibility as homeowners 62 and older. Your loan documents control your loan.
Call (540) 547-SELL or start with the address on the home page. The location guides name the ZIP codes.