“The Cash Offer Company”
If you or a loved one has a reverse mortgage on a house in Richmond VA, selling it is absolutely possible but the process comes with a few more steps than a traditional home sale. Reverse mortgages, often used by older homeowners for retirement income, require repayment when the homeowner moves out, sells, or passes away.
Let’s walk through your options for selling a property with a reverse mortgage, what happens if the homeowner has passed, and how The Cash Offer Company can help.
What Is a Reverse Mortgage?
A reverse mortgage allows homeowners aged 62 and older to borrow against their home equity without making monthly payments. The loan is repaid when the homeowner sells the home, moves out permanently, or passes away.
This can be a helpful tool for retirees but when it’s time to sell the property, the loan becomes due in full.
When Do You Have to Repay a Reverse Mortgage?
Repayment is triggered when:
- The homeowner passes away
- The homeowner moves out or enters assisted living
- The home is no longer their primary residence
- Property taxes or insurance are not kept current
- The homeowner chooses to sell
In Richmond, the most common reason we see homes with reverse mortgages sold is after the original borrower dies and their heirs inherit the property.
Can You Sell a Home With a Reverse Mortgage?
Yes, you can. The reverse mortgage balance will be paid off at closing, just like a regular mortgage. If the home sells for more than what’s owed, the extra cash goes to the homeowner or their estate.
If it sells for less, heirs can choose to:
- Pay the difference
- Complete a short sale
- Allow the lender to foreclose
- Sell to a cash buyer who can handle the process quickly
What If the Homeowner Has Passed Away?
If you inherited a Richmond house with a reverse mortgage, you typically have 30 to 180 days to repay the loan or sell the home, depending on the lender.
Your options:
- Pay off the loan (with cash or refinancing)
- Sell the house and use proceeds to cover the balance
- Let the bank take over via foreclosure (not ideal)
Selling fast is often the best choice to avoid interest accrual, missed deadlines, or damage to the estate’s value.
Learn more about inheritance and probate if you’re the heir or executor.
Why Sell to a Cash Buyer?
If time is tight or the home needs repairs, a cash sale may be your best option. At The Cash Offer Company, we buy houses in Richmond VA with:
- Reverse mortgages
- Probate complications
- Deferred maintenance
- Tax or code violations
- Occupancy issues
We’ll give you a fair, fast offer and handle all the closing details including paying off the reverse mortgage directly.
Areas We Serve in Richmond VA
We help sellers in neighborhoods like:
Plus nearby cities like:
Need to Sell Fast? Contact Us Today.
If you’re dealing with a reverse mortgage in Richmond, don’t let the timeline or legal steps overwhelm you. We’ve helped families just like yours navigate the process with confidence.
📞 Call us at (804) 215-4004
📧 Email info@thecashoffercompany.com
🌐 Visit our homepage to get started
Disclaimer: This article is for informational purposes only and does not constitute legal, financial, or tax advice. Please consult with a licensed professional before making decisions regarding reverse mortgages or property sales.