Reverse Mortgages. Can you rent out the house?

Author Message
Icon Mini Profile charlesgreen7471

Joined: 28 Dec 2008

Posts: 1

1.31 Dollars($)
Post Posted: Sun Dec 28, 2008 3:54 pm    Post subject: Reverse Mortgages. Can you rent out the house?

can I get a reverse mortgage on my home that I own outright and use the money for a deposit on a second home? Could I
rent out the first for the pmts?
Icon Mini Profile smithsussane

Joined: 18 Sep 2008

Posts: 12591
Location: Alaska
1308.69 Dollars($)
Post Posted: Sun Dec 28, 2008 8:18 pm    Post subject:

Hi charlesgreen!

Welcome to forums!

As far as I know, if you take a reverse mortgage, you will not be able to rent the property. The lender may call the loan due if you rent out the property. Know more about when to pay back reverse mortgage from the given link:

Feel free to ask if you have further queries.



Post Posted: Mon Dec 29, 2008 10:55 am    Post subject: Reverse Mortgages

Thanks for your help! Had seen a report recently that said a new bill had passed enabling us to rent out the property after getting a reverse mortgage. Must have been an erroneous report!
Icon Mini Profile adonis

Joined: 22 Oct 2005

Posts: 12177
Location: ALASKA
1313.62 Dollars($)
Post Posted: Mon Dec 29, 2008 11:15 pm    Post subject:

Well I think it must be an erroneous report as I have also not heard about such a bill which enables people to rent out property after taking a reverse mortgage.
Procrastination is the enemy of your financial success


Post Posted: Wed Jan 07, 2009 8:19 am    Post subject: reverse mortgage

You are not asked what you plan to use the lump sum payment for. Whether you use that money for an investment property, or a vacation it is your money.

this article is pretty good

[Link deleted as per forum rules. Thanks.]
All times are GMT - 7 Hours
Page 1 of 1


Page loaded in 0.486 seconds.