QUESTION:

Going from one Reverse Mortgage to another

I realies I can get a new Reverse Mortgage if I sell my home and pay off the first reverse mortgage I have. What I want to know is can I go from one Reverse Mortgage to another without a middle mad (a loan from a bank first)? Also how do I go about this and still have a roof over my head?
The first time I got a Reverse Mortgage I sold my house and then had to get a home mortgage loan from a bank, while waiting for the Reverse Mortgage to come through so that I could move into my new home. But doing this I had to pay two closing cost. One for the Home Mortgage loan from the bank then one to Reverse Mortgage when I changed over. I want to go from Reverse Mortgage to Reverse Mortgage and save the extra closing cost on the same residence. How can that be done and being able to go into my new home when my other home is sold and closed on?
asked by hndmetz, 6/2/2009
Categories: Reverse Mortgages
ANSWERS:
Answered by: JBerman47, 06/03/09
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As of this year, the HECM reverse mortgage program can be used to purchase a property without the need to get a bank loan between the two. So long as you intend to make that property your primary residence (and then do so), there should be no need to avail yourself of a bank loan.

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