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Las Vegas – Selling a Home with a Reverse Mortgage

On and off the glitzy and glamorous world-famous Las Vegas strip, the real estate game in the City of Las Vegas is competitive and the stakes extremely high in some areas. With every buyer having hundreds of options and a wide spectrum of investment opportunities, making your home stand out is more important than ever. If your home has a reverse mortgage, you’ll have different considerations from the average person who is looking to sell their home. There’s no need to worry, though – while selling a home with a reverse mortgage will be a different process than selling a home with a traditional mortgage, you do have options, and you will be able to find someone to help you navigate the tricky road to selling your Las Vegas home.

The Reverse Mortgage Option

selling with a reverse mortgage

The basic understanding that everyone in Las Vegas should have of reverse mortgages is that your success could easily depend on two things: the fair market value of your home, and the amount of equity that you already have in your home. If your mortgage is paid off, you’re in a much better position to take a reverse mortgage than a person who is still paying their mortgage. The option isn’t available to those under age 62, though: the program was originally intended to be an easy way for elderly people to stay in their homes. Living with a reverse mortgage is still an excellent way to stay in the home in which you be for the rest of your life, though. Being able to stay in your home, and to have the extra cash flow from the reverse mortgage is what has helped secure the financial future of not only many elderly people, but also their children.

The children of people living with reverse mortgages are safe from all responsibility of the debt, though the surviving spouse can take responsibility. In the case of some other debts, the surviving spouse is automatically responsible, but this doesn’t have to be the case in a reverse mortgage. Particularly if the spouse is too young to qualify, a reverse mortgage may end with the passing of the borrower, allowing the surviving spouse the option of moving. In the retirement community of Las Vegas, including those retired from the military, this is a great option to assure that spouses and younger children and grandchildren will have what they need in the event of the homeowner’s passing.

How much, total, that needs to be repaid will obviously depend on the individual, as well as the home, but even more than the individual or the home, the amount that you will need to repay will depend on the state of the housing market in your area. If your home’s value has decreased to the point that the balance owed for your loan exceeds the value of your home, you will find yourself in a difficult situation. What’s important to understand is that this is something that can easily happen to the most careful and proactive homeowners in Las Vegas. Maintaining your home’s beauty and paying taxes and dues on-time and consistently is the best way to protect your future with a reverse mortgage.

Helping Hands

A reverse mortgage can be distributed in the form of cash, or a line of irreversible credit. In either case, the money can be used without restriction, so whether you’re in desperate need of a new car, or whether you’re just looking for a new bottle of wine, the cash from your reverse mortgage is there for you. Some people in Las Vegas, of course, choose to funnel the cash into an investment, with many choosing to pour the money into a new property. This strategy can do wonders for your future, and is an idea that is becoming more and more popular. While this is not a good fit for everyone, there should always be an effort on the part of any borrower to learn everything that they can about this, or any type of long-term financial planning. In fact, Canada mandates that anyone considering a reverse mortgage attend a counseling session. During this session, couples or individuals are taught the ins and outs of reverse mortgages, and they are informed of all possible outcomes.

Financial counselors are the place to start, even if you’re sure that a reverse mortgage is right for you. United States financial counselors, just as the ones in Canada, are good resources for all things financial, and are able to help you to understand what type of mortgage will best fit your financial needs and goals. Tax attorneys, particularly those who work in close proximity or within real estate, are another great and informative route to go. Speaking with a tax attorney is especially helpful if you already have income in addition to the money that you receive from the reverse mortgage.

Don’t forget, also, that there are probably hundreds of Las Vegas real estate agents who will be more than willing and able to help you on your journey with your reverse mortgage. Real estate agents are specialized in home-finding and helping with the home-buying and -selling process, and a phone call for a quick chat is generally free of charge.

Selling a Home with a Reverse Mortgage

You’ll still need to bring doughnuts and make coffee for open houses, as well as making sure that your property is clean, minimalist, and updated. If you can afford to do, and would like to, a staging company can turn your home into the home of your dreams. Selling a home with a reverse mortgage doesn’t present any problems to potential buyers, though, so take comfort in that.

You can take as much of your equity cash or as little as you want, but the more you take, the more that must be repaid in the event that you choose to move out of your home. This means that, as will any other loan, when you take out reverse mortgage cash, you’re borrowing against the value of that loan.  

Since you’ve borrowed against your home, the money that was borrowed will need to be paid back before you upload your pictures to a real estate list site. How much, specifically, will need to be paid back will obviously depend on the individual, but it will also depend on your other streams of income, or cash gifts that you may receive from those around you. Whether you’re in Las Vegas, or elsewhere, reach out to reputable realtors for help selling your home.

Lela Leedham
Lela Leedham
03:08 22 Feb 19
Great experience working with Casey and Ryan. We would recommend them anytime. They are very knowledgeable and very professional.
Emily Binder
Emily Binder
21:16 18 Feb 19
Jennifer Gibbs
Jennifer Gibbs
19:58 18 Feb 19
A very impressive operation. Very professional and knowledgeable. They follow up when they say they will. Very helpful Team. If you're looking for a fast and fair cash offer on your home, these are the guys to call!
Mario Elizondo
Mario Elizondo
19:58 18 Feb 19
Very professional and a pleasure to work with.
Danny O'Bannon
Danny O'Bannon
19:53 18 Feb 19
I called 5 different companies from google trying to find a company that would pay the most for my rental and their offer was higher than the others. Extremely streamlined process. Easiest transaction I’ve done
Ross Greene
Ross Greene
18:04 17 Feb 19
Ryan & Casey were great to work with! Absolute pro's in the business. I would definitely recommend them. If only I could give them more than 5 stars. Hope to work with them again soon! Thanks guys!
Pam Dickerson
Pam Dickerson
23:53 15 Feb 19
Excellent customer service! Helped us through the entire process. Highly recommend!
steve Balsacker
steve Balsacker
19:35 14 Feb 19
Me and my wife had gone through a divorce and we wanted a quick way to get rid of our property so we could just move on with our lives, Thankfully Ryan came in and helped us out, I didn't have the time to deal with the headache of people coming in and out as well as all the repairs that were needed. He gave me top dollar for my home and I was out in 7 days!
jason almeida
jason almeida
16:52 14 Feb 19
We have seen their signs around town and thought it was a scam, we decided to give them a call and I couldn't have been happier with our experience. They were professional and knowledgable, they paid for all closing costs and even helped with our family move. Great guys and great company! Thanks again!
Peter Floratos
Peter Floratos
04:51 14 Feb 19
This team handles their business right. They are a pleasure to work with.
Tyler Hubbs
Tyler Hubbs
04:38 14 Feb 19
Ryan and Casey treated me with patience and respect during the whole transaction! Very trustworthy and explained each and every question I had!! I would highly recommend We Buy Any Vegas House!!
Dennis Ripley
Dennis Ripley
03:55 14 Feb 19
Very professional and very knowledgeable from start to finish. They went above and beyond to help me find what I was looking for. I would definitely recommend them.
Avraham Metal
Avraham Metal
01:58 14 Feb 19
As a Real Estate Agent I have sold properties to Casey and his Team. They are men of their word and have never let me down.
Dena Shapiro
Dena Shapiro
01:29 14 Feb 19
What an AWESOME experience!! Casey and Ryan are THE BOMB!! They either answer their phone ALWAYS or respond within minutes. They originally called to see if I wanted to sell but I wasn't interested in selling. However, my neighbor had to sell immediately so I referred them to her, she accepted their offer & they closed escrow within weeks. It would've been A LOT sooner but there were delaying issues on the seller side. Anyways, they got it closed & EVERYONE is happy!! Thank you so much Casey & Ryan :). YOU'RE THE BEST!!!
Ron Lorenzo Woods
Ron Lorenzo Woods
00:51 14 Feb 19
Great team with quick and professional service!
karina giraldo
karina giraldo
00:36 14 Feb 19
Knowledgeable, fair, and professional. I loved working with Casey. I did my research before selecting a company, and I’m so happy I went with them!
Cody Raynoha
Cody Raynoha
00:27 14 Feb 19
Casey runs a great company that's honest, easy to deal with, and is always fair. I'd absolutely work with him again!
Whitney Carter
Whitney Carter
21:42 08 Feb 19
Grateful to have worked with such a great company! Long story, short they really did help me through a tough time. No need to get into details, but this company really knows what they are doing. Thank you for all of your help with my home. Highly HIGHLY recommend!
Alan Giblin
Alan Giblin
23:01 07 Feb 19
I was shocked when I heard that We Buy Any Vegas House could sell my house so fast without any fees or charges at all. Thanks again guys!
Crosbey Proffitt
Crosbey Proffitt
22:48 07 Feb 19
I started off using a realtor thinking that I would be able to sell my home fast, but that wasn’t the case. I ended up reaching out to different companies and I ended up finding We Buy Any Vegas House. They were on it the second I reached out to them and were able to sell my home fast!
Investors
Investors
18:59 07 Feb 19
I have been in Real Estate for many years, it’s so refreshing to meet such professional, kind people to work with. We Buy Any Vegas House has great employees who are responsive and get things done quick. You can tell they have a true passion for what they do. If you are looking to work with a great team and you want to sell your house quick, I highly recommend this group!
Scott Henry
Scott Henry
18:53 07 Feb 19
We Buy Any Vegas House truly is one of the most reliable companies I have worked with. You can really tell that Casey and Ryan really care about what they do and really want to make you feel comfortable in the process. Thank you for all your guys help!
Ashlyn Mazur
Ashlyn Mazur
21:26 02 Nov 18
Most professional real estate company I've ever worked with! Would for sure recommend them!
Ashley Thompson
Ashley Thompson
18:59 02 Nov 18
I called 3 different companies and Casey was the most responsive. His offer was higher than the other ones as well. I really liked that they were a local company and everyone who helped me in the process was great to work with!
Katrine Baker
Katrine Baker
18:39 02 Nov 18
My mom and I had to move out of our house pretty quickly due to her martial differences. They were honest and extremely professional during the process and we are forever grateful to have worked with such a great company! Highly recommend!
Gregory Mitchell
Gregory Mitchell
00:26 01 Nov 18
Unfortunately, I never thought I would see myself having to get rid of my home, especially in a fast time frame. However, life happens, and I needed to sell my home quickly due to a death in the family. I reached out to 4 companies in Las Vegas, and We Buy Any Vegas House not only was the most efficient, but the friendliest, most reasonable, and compassionate. The other 3 companies did not even compare. Casey and Ryan have gone above and beyond to make sure that this worked for me. They truly care about you, which means a lot especially during a tough time. They put in the effort to care about the client first, as well as my family during this tough time. I am so grateful to have found them, and to top it off, they bought my house and put cash in my pocket in 7 days. Would recommend to all! Use this company, you can't go wrong! Thanks to Casey, Ryan and John!
Samantha Bonneville
Samantha Bonneville
00:23 01 Nov 18
We buy any houses is one of the most honest companies I have worked with. They are always upfront with issues of the houses, honest with fees And closings. We have not had a bad experience after 10+ Transactions
Alyssa Trent
Alyssa Trent
23:08 31 Oct 18
I worked with them to help my Mom sell her house and they were so amazing!! They explained to us exactly how everything worked step by step. I called them on a Monday and they got us cash by Thursday. Casey is such a genuine person.
Robert Johnson
Robert Johnson
22:10 31 Oct 18
After a tenant trashed my rental property, I was faced with the decision of remodeling or selling the property in its current state. I called Casey and he walked me through the entire process, start to finish. After factoring in the amount of time and money the remodel would take, it was clear that selling to them was the best decision for me. Within a week of my first contact with Casey and his team, we closed on the property and I had cash in hand. I'll definitely be reaching out to them in the future. THANKS!!!
Corey Trent
Corey Trent
02:33 31 Oct 18
I reached out to Casey and Ryan when I needed to sell my house. They were very professional and helped me through this tough time. They were able to buy my house and close fast. What a great team they are! I would recommend them to anyone. Thanks again!
John Washington
John Washington
02:24 31 Oct 18
As a very skeptical person I always believe that my best interest is not priority when dealing with people that want my business. I cannot name the countless times that I have been burned. After looking to sell my house for a cash offer, I was called by a lot of investors, most of which had very little customer service. Several didn't return call when they said they would and then when they finally called me back, they got anger when I decided not to use their Services. From day one Ryan not only treated me like is #1 customer but also treated my whole family like long time friends. I most also state that his offer wasn't even the highest. I took the lower off with him due to the fact that he help with crucial tax situations that I needed taken care before receiving them money so it wouldn't bit me in the butt later. He answered every call before and after the process was completed. 99% of others wouldn't have even answered a text once they got the money. Could I have made a couple of thousand dollars more with someone else? Sure, but the peace of mind in knowing that it was done the right way by someone who actually was professional and care was more than worth it. Ryan has made a customer and friend for life.
Green Girl
Green Girl
00:00 31 Oct 18
I was in a really tough spot because my Husband was in the Hospital and had passed away. I was completely unready for this and had discovered that there would be considerable expenses!  I had received several letters from companies interested in the property on an "as is" basis.  Most had never got back to me after I called them or were too low of offers.  I put an inquiry in their website and was immediately contacted by the Owner who was able to come the very next day!  The entire process was easy and professional.  Thank you We Buy Any Vegas House!
Mike
Mike
23:37 30 Oct 18
Casey and Ryan were so helpful! I was was a week from being Foreclosed and they were able to get me cash in my account in 5 days! And even let me rent back until I was able to find a new home!
Karl Workman
Karl Workman
21:03 30 Oct 18
This company was not only the most professional real estate company i've dealt with, but they're the most reliable and respond quicker than most companies i've ever dealt with. They were fast, professional, and knowledgable in all aspects of our deal. Would and plan to recommend them to all of my friends and family! 10/10.
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