How do you sell a home with a reverse mortgage?

Question

Accepted Answer

You would sell a home the same way you would if you had a traditional mortgage. The proceeds from the sale would first go toward paying off the reverse mortgage, then you may keep the remaining proceeds. The HECM is a non-recourse loan, which means you’ll never pay more on the loan than the home is worth. If the home sells for less than what you owe on the HECM, you will not have to pay the difference.