reverse mortgage

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Icon Mini Profile bret





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Post Posted: Wed Oct 01, 2008 8:19 am    Post subject: reverse mortgage
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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?
Icon Mini Profile smithsussane
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Post Posted: Wed Oct 01, 2008 8:19 pm    Post subject:
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Hi bret!

Welcome to the Forums!

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.

Feel free to ask if you have further queries.

Sussane
Icon Mini Profile jerry
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Post Posted: Thu Oct 02, 2008 1:48 am    Post subject:
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Hi bret!

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.

Thanks,

Jerry
Icon Mini Profile brian1
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Post Posted: Thu Oct 02, 2008 11:26 am    Post subject:
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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.
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Icon Mini Profile raymond
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Post Posted: Sat Oct 10, 2009 10:26 am    Post subject:
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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.

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queen

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Post Posted: Wed Dec 30, 2009 1:30 pm    Post subject: reverse mortgage
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My father in law has a Reverse mortgage .He lives alone and has 85 yaers old . The expenses and Taxes and Insurance for that property are too high.How can an old man pay it only with SS check ?.Maybe he can rent his property
Icon Mini Profile adonis
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Post Posted: Wed Dec 30, 2009 11:10 pm    Post subject:
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Welcome queen,

If there is a reverse mortgage on the property, then he will not be able to rent off the property. If he does so, the reverse mortgage lender will call his loan due immediately. Your father in law may ask for monthly cash advances from the reverse mortgage lender. This is one of ways of receiving the loan. This will help him in bearing the taxes and insurance of the property.

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