Reverse Mortgages. Can you rent out the house?

charlesgreen7471 · Joined: 28 Dec 2008 Posts: 1 1.31 Dollars($)

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?

smithsussane · 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:
http://www.mortgagefit.com/reverse-payback.html

Feel free to ask if you have further queries.

Sussane

Guest

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!

adonis · 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.

Guest

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.

businessweek.com/magazine/content/06_18/b3982403.htm

this article is pretty good

[Link deleted as per forum rules. Thanks.]

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