Selling a Home with a Mortgage in Florida: What You Need to Know

If you’re like most Florida homeowners, you still have a mortgage on your property—and you may be wondering:
Can I still sell my home?

The good news is: Yes, you can. In fact, the majority of Florida homes sold today still have an outstanding loan balance. It’s a totally normal part of the process.

Let’s break down what you need to know when selling a home with a mortgage—so you walk away informed and financially ready for your next move.

🧾 Step 1: Request Your Mortgage Payoff

Before you list, ask your lender for a mortgage payoff statement—a document showing:

• Your current loan balance
• Any interest due through the estimated closing date
• Fees for early payoff (if applicable)

💡 Tip: This number is often a little higher than what you see on your latest mortgage statement due to interest accrual.

💸 Step 2: Understand How Payoff Works at Closing

At closing:

• The title company or attorney will use sale proceeds to pay off your mortgage directly
• You’ll only receive funds after the mortgage is fully paid
• If you’re upside down (you owe more than you sell for), you’ll need to bring funds or negotiate a short sale

Michael reviews all closing disclosures with you in advance so there are no surprises.

📉 Step 3: Estimate Your Net Proceeds

To get a clear picture of your bottom line:

Sale Price
− Mortgage Payoff
− Closing Costs (title fees, commission, taxes, etc.)
= Estimated Net Proceeds

Michael provides a custom net sheet for your property so you can plan your next move with confidence.

🏦 Step 4: Timing & Mortgage Payments

• You’ll keep making your mortgage payments until closing
• Any unused escrow balance (taxes/insurance) is typically refunded to you
• If closing happens early in the month, you may still owe that month’s payment

💡 Ask your lender about final interest calculations and payoff timing—Michael helps coordinate.

🏘️ Step 5: What If You’re Buying and Selling at the Same Time?

No problem!

You can:

• Use your proceeds as the down payment on your next home
• Schedule a same-day or back-to-back closing
• Explore bridge financing or a rent-back if you need time to transition

Michael specializes in coordinating simultaneous transactions to reduce stress and risk.

🛑 Can You Sell with a Reverse Mortgage?

Yes, but with added complexity.

With a reverse mortgage, the loan becomes due upon sale—plus any interest and fees. You’ll need to:

• Notify the lender in advance
• Request a payoff amount
• Understand inheritance or estate implications (if applicable)

Michael can help you navigate reverse mortgage sales with clarity and care.

Final Thoughts

Having a mortgage doesn’t prevent you from selling—it’s just a step in the process. With a clear payoff strategy and strong guidance, you can move forward confidently.

Still owe on your Florida home? No worries. Call Michael Renick at 941.400.8735 and I’ll guide you through your best next step.

📣 Let’s Talk Strategy

Want a clear breakdown of your numbers and a smarter way to sell? Let’s connect.

• 📞 Call Mike: 941.400.8735
• 📍 Explore our blog series: The Florida Life
• 🌐 Learn how we operate and why it matters: TeamRenick.com
• 🔎 Start your property search: Search.TeamRenick.com