A Family Sale refers to the sale of a property to a third party, meaning there are typically no family members involved as buyers.  However, in some cases, family members may purchase if the estate chooses to profit from the transaction. This is a regular real estate sale where the property is sold for more than the loan balance due on the reverse mortgage.

In a Family Sale, HUD approval is not required, since the sale proceeds are sufficient to pay off the HECM loan in full. All closing costs are the responsibility of the borrower or estate, and once the transaction closes, the loan balance is fully satisfied.

Step 1: Assessing Property Value

I work with owners, estates, and heirs to help confirm the property’s current market value. Together, we’ll review recent comparable sales and identify any repairs or improvements that may increase the home’s value before listing.

Step 2: Preparing the Property for Sale

Before listing, I’ll help coordinate any necessary updates and prepare the property for the market. This may include light repairs, cleaning, or staging recommendations to attract qualified buyers.

If the buyer plans to use a mortgage, certain repairs may be required to meet lending guidelines. If a cash buyer is presented, some repairs may not be necessary. We’ll review all options together so you can make informed decisions that best support your goals.

Step 3: Listing and Managing the Sale

Once ready, I’ll list the property on the MLS (Multiple Listing Service) and manage the real estate transaction from start to finish — including marketing, buyer negotiations, and closing coordination.

Throughout the process, I’ll keep all parties informed to ensure a smooth sale and a timely loan payoff.