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QUESTION:
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Selling your RM home | Can you sell your Reverse Mortgage home, pay off the balance and use the proceeds left as down payment for a new home; going through a Reverse Mortgage again without having to us a bank loan first and then applying for a reverse mortgage? I would like a avoid paying two closing costs. One on a bank loan and then with the Reverse Mortgage people, for just one new home.
I've been told that a new reverse mortagage called,"a reverse mortgage purchase", will allow you to go from one reverse mortgage to another. I have not heard whether that plan is in affect as yet. |  | asked by hndmetz, 5/29/2009 |
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Categories:
Reverse Mortgages
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| ANSWERS: | | Answered by: JBerman47, 06/01/09
Overall Rating:  Be the first to rate it. | You can sell the property you currently own, pay off the reverse mortgage using part of the proceeds, and then use the remaining proceeds to place a down payment on a new home upon which you will get a new reverse mortgage. In that case, you would not be able to get a bank loan on the new property at all, for a reverse mortgage has to be the only lien you have on a given property. Login to rate this answer: |
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