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QUESTION:
Equity in a business which I reside in
Can equity that I have in a business and reside in part of the year and have a mortgage on be used for equity in a reverse mortgage loan?
	asked by Linda, 12/31/2007
Categories: Reverse Mortgage, Mortgage Refinancing, Debt and Mortgages, Debt Consolidation

ANSWERS:
	Answered by: SilverSurfer, 01/01/08 Overall Rating: Be the first to rate it.
Hi Linda, If you mean commercial property that you don't live in full time, then it's unlike ly that you can get a reverse mortgage on it. Today most reverse mortgages require that the reverse mortgage be on property that is your primary residence. Depending on what state you live in you may want to check out one of the new Home Equity Conversion products - some of these allow you to use commercial property, however these are only offered in a few states today. https://www.newretirement.com/Services/Home_Equity_Conversion.aspx Login to rate this answer: