Posted: Wed Oct 01, 2008 8:19 am Post subject: reverse mortgage
Can a home with a reverse mortgage be rented? Leased?
Proceeds from a reverse mortgage can be used to purchase another home, I know that this type mortgage is for seniors to stay in their own home, however if the proceeds can purchase other property can they move to that other property?
The home on which you take reverse mortgage, has to be your primary residence. The reverse mortgage becomes due if you rent any portion of the house or leave your home. So you cannot move out of the property and if you want to move out, you will have to pay back the mortgage.
Reverse mortgage is offered on a primary residence. If you rent the house or lease it, your reverse mortgage will be due and you will have to pay it off. Even if you abandon the house, your reverse mortgage becomes due.
No unless it is short term while the primary homeowner is in the hospital or something. Once the homeowner has been out of the home for 12 months the note becomes due. _________________ Licensed Broker 50 states http://www.aimwithfocus.com
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>>reverse mortgage becomes due if you rent any portion of the house
That statement is inaccurate. A homeowner can rent out bedrooms or their guest house or whatever, and the Reverse Mortgage doesn't become due. _________________ Raymond
www.ReverseMortgageCalculator.org
bret
