Who pays the agent/broker for a reverse mortgage sale ?

[Cedrus]

What is the name of your state (only U.S. law)? Oregon

We have a RM. The principal balance and home value right now, are about equal. Let's say I go to my Eternal Reward (or the Hot Place)....and my wife does not want to live here anymore. If she hires an agent to list the home and it sells.....does she pay the agent the 5% fee ?

If she moves out and leaves the house vacant....the lender will probably foreclose or call the note, or something...... and lender sells the home. Does the lender absorb the agent's fee ?

 

[TheGeekess]

What is the name of your state (only U.S. law)? Oregon

We have a RM. The principal balance and home value right now, are about equal. Let's say I go to my Eternal Reward (or the Hot Place)....and my wife does not want to live here anymore. If she hires an agent to list the home and it sells.....does she pay the agent the 5% fee ?

If she moves out and leaves the house vacant....the lender will probably foreclose or call the note, or something...... and lender sells the home. Does the lender absorb the agent's fee ?

These are questions to ask whomever is administering your RM/holding the note.

 

[OK-LL]

What is the name of your state (only U.S. law)? Oregon

We have a RM. The principal balance and home value right now, are about equal. Let's say I go to my Eternal Reward (or the Hot Place)....and my wife does not want to live here anymore. If she hires an agent to list the home and it sells.....does she pay the agent the 5% fee ?

If she moves out and leaves the house vacant....the lender will probably foreclose or call the note, or something...... and lender sells the home. Does the lender absorb the agent's fee ?

If the owner (your wife) sells a home, she will be responsible for the realty agent's fee. A lender, whether a conventional mortgage or a RM, is never responsible for the agent's fee; it does not own the home and is not the party selling the home, nor is it in contract with the agent, and RM will not be PIF if the principal balance and home value are equal, because once closing costs and agent's fee are deducted from proceeds, there's not enough left to pay off the RM unless your wife kicks in the difference. So the lender won't agree to release the mortgage and note and the buyer isn't likely to buy an encumbered property.