Raising a family and building a happy home are two priorities you work tirelessly to create. It’s something to be proud of. The memories you have from the years spent in your home are beautiful, yet now the kids have grown up. They’ve moved on to start families of their own. Your home is quiet and now you realize that the large, empty house no longer fits your needs. You’re an empty-nester.
Many empty-nesters choose to sell their home and move into a more efficient, smaller home. Others may take out a reverse mortgage on the house and remain living there. Perhaps making a move to a smaller house is not of interest to you, and in this case, many homeowners take advantage of a reverse mortgage.
This is how it works: Lenders pay you based on a percentage of the total value of your home. When you decide to move out and are no longer an occupant of the property, the lender sells your home based on terms of their own and earn back the money they paid you. This could seem like an excellent idea. However, there is some fine print. The requirements of a reverse mortgage state you should have 100 percent equity in your home before you take out another loan. Also, and sometimes at an inconvenience to you, the reverse mortgage lender does have the power to demand a repayment in full if circumstances prevent you from maintaining the property, acquiring insurance, or paying appropriate taxes.
Could I just buy a smaller house after selling mine?
The short answer is yes. Selling your house is a much cheaper— and easier— process. Before you pack up and make a move elsewhere, the sale will supply you with the needed funds for a downpayment on a new home that is smaller.
However, this too can be tricky. If you sell your house through a traditional real estate agent, it can be expensive. Realtors require extra charges and fees for a commission, often as much as 6 percent of the house’s sale price. While this can be somewhat pricey, also consider that when you enlist the services of a real estate agent, it does not always guarantee a sale— let alone in a timely manner. If you list your home on an MLS, it could take months of waiting around until a buyer finds you. Likewise, some real estate agents may require repairs or renovations to boost the home’s “curb appeal.” Ask yourself if you have the energy, time, and money to take care of these things.
It’s easy to sell your home with HomeGo.
It’s a hassle to request another loan for your house, luckily you can give your worries a rest with HomeGo. Instead of enlisting the services of a realtor to sell your home, HomeGo is ready to work for you.
HomeGo works differently. We don’t charge any fees or commissions. In fact, we don’t make you pay any closing costs. It’s your money and we say you deserve to keep it. You don’t have to make a single repair or renovation before selling your home; HomeGo promises to buy your home as-is. Even if your house has damage, HomeGo gives you the best offer possible. Imagine, you could have a wallet full of cash and be done with the whole process by this time next week!
The HomeGo process works hard to put forward an informative, simple, and efficient way to sell your home fast.
- Fill out the form with your home address and contact information
- A HomeGo agent will give you a call to schedule a walk-through of your home and make you an offer on the spot. We know you are busy, so when you schedule the walk-through for your house, we’ll get it done in just 10 minutes.
- Finalize the details with your HomeGo agent and choose when you want to move out.
When it comes to raising a family, you have done a fantastic job. However, now you’re left with an empty nest. HomeGo can get you on your way fast, so let’s get started on the next chapter of your life story. Sell your home now!