QUESTION:

A reverse mortgage on a second home

We have a reverse mortgage . Now we find that we want to return to our old location nad would like to get a reverse mortgage there. Is there some way we can bring our reverse mortgage with us without going through a bank, getting a loan and then applying for a new reverse mortgage? It would save us paying to closing costs if we wouldn't have to get a loan from a bank first.
asked by hndmetz, 5/27/2009
Categories: Reverse Mortgages
ANSWERS:
Answered by: JBerman47, 05/28/09
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Generally speaking, a Reverse Mortgage is only applicable to the property you originally got it on. While it might be possible to work some sort of deal out with the company you originally did business with, you will probably need to replace your existing reverse mortgage with one from your new home. Depending on the balance on your existing reverse mortgage and the value of your new home, you may need to bring extra cash to the table in order to pay off your previous RM.

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