Can I get a reverse mortgage on a second home? Can I get a reverse mortgage on a town home? Can I get a second reverse mortgage like a second regular one?
You can not get a reverse mortgage on a second home or vacation home. To receive a reverse mortgage you must live in the home itself to qualify. Reverse mortgages are designed only for your main residence for a few simple reasons. Mortgage holders want to make sure the system is not abused by developers and legally it is designed to keep you from getting into to much debt.
Can I get a reverse mortgage on a town home or condominium?
Most reverse mortgage companies will allow you to get a reverse mortgage on a town home or condo if it meets all the requirements. Each company has a specific amount of units that are required in the building to qualify. If you are going to take out a reverse mortgage on this type of structure you will be required to prove that it is your only residence and not used just for vacations or to escape the weather.
Can I get a second reverse mortgage like a second regular mortgage?
No. You can only hold one reverse mortgage on your home at any time. If you wish to apply for a different reverse mortgage because of rate or payout amount, you will be required to pay the first reverse mortgage off in full. When you receive a reverse mortgage it is attached to the deed to your home. Trying to apply for a second reverse mortgage through another company will automatically be flagged and you could find yourself being charged with fraud. Simplest way to avoid any of these problems is to research your reverse mortgage options well prior to making a commitment.
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WOW!!!!! that was just what i had to know, informative and to the point, please keep up the brilliant work and i will be back for more soon!