my house is paid off,I want to sell and buy a smaller house. Is there a time lim

  1. profile image48
    andrea rotenposted 7 years ago

    my house is paid off,I want to sell and buy a smaller house. Is there a time limit I have to...

    live in the new house before I can get reverse mortgage? The new house will be bought with cash from sale of current home. I live in Texas

  2. Scribe For Hire profile image59
    Scribe For Hireposted 7 years ago

    I'd think very carefully about doing this, as the market is so oversaturated right now with all the foreclosed properties.  If you can hold off for a while, I would.

    Also, have you done your due diligence with regard to reverse mortgages?

  3. Greg Cremia profile image60
    Greg Cremiaposted 7 years ago

    Even though the real estate market is saturated the time for you is now so go ahead and sell your house. The loss in value you will incur because of the down market will be made up by the loss in value of the property you purchase. Basically, you will be stepping sideways.

    Talk to some lenders who handle the reverse mortgage to see if it is what you are expecting.

    One caveat is in the event of your premature death your heirs will have 6 months to liquidate the property or the lender will take it and all of the equity in it.

 
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