• Question
  • Can a person have two(2)reverse mortgage loans?

    Asked on 4/13/2010

    If a person owns two(2) apartments in the same building,can it get a reverse mortgage for each apartment?

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  • Categories: Reverse Mortgages, Qualifying

Answers

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  • 69 year old from Houston, TX

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  • In short, no. You can only get a reverse mortgage on your primary residence, which means that you can only have one reverse mortgage at a time. Moreover, you cannot get a reverse mortgage on apartment buildings or apartments, though you can on condominiums.

  • Login to rate this answer:   Answered on 4/14/2010
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.