Walk away from reverse mortgage temporarily | In NewRetirement's Questions & Answers Forum

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Walk away from reverse mortgage temporarily
We have a reverse mortgage with a credit line. Due to circumstances beyond our control we have to move out of our home temporarily for protection from a hostile family member. What happens to the credit line if we move into an apartment for six months. Will we still be able to use the money to help with expenses? We plan to close all utilites down but still take care of the house, and grounds. I was under the impression you could leave for 12 months and come back. We are in need of the guaranteed credit line to surrvive. So because I am on SSI and my husband has such small income. Any help you can give would be appreciated.
	asked by goldylocks1, 3/27/2009
Categories: Reverse Mortgage

ANSWERS:
	Answered by: Editorial, 03/30/09 Overall Rating: Be the first to rate it.
Well, the legal stipulation of a Reverse Mortgage is that you must be living in the property at least six months out of the year in order to qualify. So, if you keep your exile to only six months, you should be okay. You will also want to be careful you do not declare another property to be legally your primary residence. However, you should contact your Reverse Mortgage lender directly and consult with them about how best to handle your particular situation. Login to rate this answer: