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CompanyLoan TypeAPREst. Pmt.

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?

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:25 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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!

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:25 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:25 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

[size=9:47fea4e5aa][color=Red:47fea4e5aa][Link deleted as per forum rules. Thanks.][/color:47fea4e5aa][/size:47fea4e5aa]

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:25 | Post subject:

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