“Work With Pros Who Care”
Owning or inheriting a home with a reverse mortgage can feel complicated—especially when it comes time to sell.
Whether you’re in Spokane, Yakima, or Pasco, you might be asking:
“Can I even sell this property if it has a reverse mortgage?”
The short answer is yes, but there are a few key things you need to understand first.
What Is a Reverse Mortgage?
A reverse mortgage is a type of loan available to homeowners aged 62 and older. Instead of making payments to a lender, the lender pays the homeowner—either in monthly installments, a lump sum, or a line of credit.
But here’s the catch:
- The loan balance grows over time
- It must be repaid when the homeowner moves out, sells, or passes away
So if you’ve inherited a property—or if you’re ready to sell your own—the reverse mortgage will need to be paid off at closing.
Step 1: Get the Mortgage Balance
Your first step is to contact the reverse mortgage lender and request a payoff statement. This tells you how much is owed, including interest and fees.
Make sure to get this in writing so you know what number you’re working with.
Step 2: Determine the Home’s Value
You’ll need to figure out what the property is worth. You can:
- Hire a local appraiser
- Get a Comparative Market Analysis from an agent
- Or contact a professional buyer like us for a free valuation
If the home is worth more than the loan, you can sell and keep the difference.
If the home is worth less than the loan, you may still be able to sell through a process called a short sale.
Step 3: Sell to Pay Off the Loan
You have two main options:
1. Traditional Sale
List the property with a real estate agent. This works best if the house is in good condition and the market is strong. Be prepared for showings, repairs, and agent fees.
2. Cash Sale to a Home Buyer
If the home is outdated, damaged, or in probate, you can sell directly to a cash buyer. No repairs. No waiting. We buy homes with reverse mortgages all the time and can handle the lender paperwork.
What If You Inherited a Home With a Reverse Mortgage?
If your parent or relative passed away and left you a house with a reverse mortgage, the clock is ticking. Most lenders require repayment within 6 to 12 months.
You have three options:
- Sell the home to pay off the loan
- Keep the home by refinancing and paying the balance
- Let the lender foreclose (not ideal)
Selling quickly is often the best solution—especially if the house needs work or you’re juggling probate.
We Help People Sell Homes With Reverse Mortgages in Washington
At REI Branded Home Buyer, we’ve helped dozens of families in places like:
Whether you live in the home or inherited it, we can give you a fast, fair cash offer and help pay off the reverse mortgage at closing.
Real Story: Spokane Home With a $125,000 Reverse Mortgage
We recently worked with a seller in Spokane who inherited her mom’s house with a $125,000 reverse mortgage. The house was outdated and the roof was leaking.
She contacted us, and we made a cash offer within 24 hours, handled the paperwork with the lender, and closed in 10 days. She walked away with money in hand—and peace of mind.
Let’s Talk
Need help selling a home with a reverse mortgage?
We’ll make it easy.
📞 Call us at 509-769-3439
📧 Email info@reibrandedhomebuyer.com
🔗 Contact us here
Disclaimer: This article is for informational purposes only and does not constitute legal or financial advice. Please consult an attorney or advisor before making decisions regarding reverse mortgages.
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About REI Branded Home Buyer
Real People. Real Stories. Real Solutions. We’re George and TJ — two regular guys who teamed up to create REI Branded Home Buyer, a local company with one simple mission: to help people sell their homes without stress, games, or pressure. We actually met at a local real estate meetup. A mutual friend randomly shouted, “Hey George, do you want to be this guy’s mentor?” George laughed and said, “Just give him my cell!” A coffee meeting later, and the rest is history. We've been working together ever since. Our passion for helping homeowners comes from personal experience. George was once homeless, so he deeply understands what it’s like to face housing uncertainty. TJ’s family went through a crisis and had to sell their home fast — with the help of a cash homebuyer. Those experiences shaped who we are and inspired us to create a company that treats people the way we wish we’d been treated. Let’s be real: the real estate world is full of shady companies, pushy salespeople, and sleazy homebuyers who care more about profit than people. We started REI Branded Home Buyer because we believe it should be the other way around — people first, profit second. We’re proud to call Spokane home. Our wives, Jenny and Michelle, love the slower pace of life here and all the outdoor beauty Washington has to offer. George and Jenny have two amazing daughters and two dogs — they love to travel and recently visited Japan to see their daughter abroad. TJ and Michelle are outdoor lovers through and through — backpacking, hiking, hunting, fishing, even rock climbing. Michelle’s become quite the mountaineer! If you’re thinking about selling a house — no matter the reason — we’d love to hear your story and see how we can help.