Yes, it is possible to sell a house that currently has a reverse mortgage. If you are looking to get out of the home and want to use the proceeds from the sale of your house in order to pay off your reverse mortgage loan, then you will need to contact your lender in order to discuss how best to proceed with selling the home. Generally speaking, there are three ways you can go about doing this:
1) Refinance Your Reverse Mortgage – This option would allow for you to refinance into a new loan product that offers more favorable terms than what was initially agreed upon when taking out your original reverse mortgage. By refinancing into a new loan product, it may be easier or less expensive for you when trying to pay off and close on the sale of your house.
2) Listing & Selling Your Home – You can list and market your home as normal through traditional real estate methods such as using an agent or by listing it yourself online. When going through this process, make sure that all paperwork is properly filed so that everything goes smoothly during closing once an offer is accepted on the property.
3) Selling Directly To A Buyer – Depending on where you live and if there are any local regulations in place regarding direct sales (sometimes referred as “for-sale-by-owner”), selling directly without involving an agent may be an option available for paying off a reverse mortgage debt while still being able ot walk away with cash after closing costs have been paid by buyer/seller parties involved in transaction.