|
QUESTION:
|
Property not intended as income property |
| I own a house with 3 apartments in it. The house was purchased for my mother to live in (in one unit)until she died. She's now deceased; can I reverse mortgage the home? |
 | asked by Nutelo, 6/15/2011 |
|
Categories:
Housing, Reverse Mortgages
|
|
|
| ANSWERS: |
| Answered by: LegacyJim, 06/16/11
Overall Rating:  Be the first to rate it. |
You should be able to get a reverse mortgage on this building provided you live in one of the units and if you qualify as an age 62+ senior. Login to rate this answer: |
| Answered by: James Dale, 11/19/11
Overall Rating: Be the first to rate it. |
In addition, the vast majority of single family homes qualify, as do most condominiums, townhomes, 2-4 unit owner-occupied dwellings and manufactured homes. To go through the process of getting a reverse mortgage you will need to speak with a reverse mortgage originator or provider. This person will guide you through the preliminary steps, including counseling, home appraisals, inspections, and choice of loan specifics. It is very important to feel comfortable with your lender. Feel free to speak with as many people as you need in order to gain information and feel comfortable. Login to rate this answer: |
|