Can I Move Out If I Have A Reverse Mortgage?
As long as you still live in the home, having a HECM does not change who can live with you. However, if you die or move out of the home, the HECM loan becomes due- which means you, your family members, or heirs will need to pay off the loan in order to keep the home.
Can I rent out my home if I have a reverse mortgage?
Can I rent out a room in my house on which I have a reverse mortgage? Yes. Unless your homeowners association doesn't allow it, you, as the primary owner and resident of the home, are free to rent a room or space to whomever you like.
Can You Rent Your House If You Have a Reverse Mortgage?
How long do you have to sell a home with a reverse mortgage?
However, depending on the lender and the terms of the loan, you'll likely have up to six months to repay the reverse mortgage loan. “The estate has six months to sell the property, with two optional three-month extensions,” explains Kennedy.
4 Simple Steps to Selling a House With a Reverse Mortgage