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Asked by someone from VA on 4/28/2016
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
No. But your income will need to be high enough to qualify you to support both properties. And there may be other considerations also. But the primary answer is "no", you do not have to sell your current home to be able to use a Reverse Mortgage to purchase another. (Read More)
Asked by someone from WA on 4/27/2016
Raymond Denton
Raymond Denton, Reverse Mortgage Consultant says
Right on, Tricia! There have been so many hugh changes to HUD's Reverse Mortgage program since the mortgage crisis ... I hope it's still there for me, and provides a reasonable solution, in 5 years, when I turn 62. (Read More)
Asked by someone from OH on 4/26/2016
Henry Hebeler
Henry Hebeler,  says
You do not want to make this kind of mistake because you will get income tax on the entire amount. Better start getting on the phone and see if you can promptly correct the situation. (Read More)
Asked by someone from MO on 4/24/2016
Henry Hebeler
Henry Hebeler,  says
I'm sure the answer is that you will have reduced social security. The important answer you should seek is how much you will get from each program. You can get that by calling the Social Security Administration and giving your social security number. (Read More)
Asked by someone from VA on 4/21/2016
Henry Hebeler
Henry Hebeler,  says
You should take your first RMD in the year when 70 1/2. If you have your account with one of the major funds, most likely they will take it out automatically, but you should check with your firm. If you annuitize within your account, it should automatically account for your RMD in proportion to the percentage of your investment at the end of the ... (Read More)
Asked by someone from WA on 4/27/2016
Tricia Drago
Tricia Drago,  says
You have valid concerns here with your strategy. While we cannot provide you with advice here, here are some important points to consider. There are seasoning requirements with a reverse mortgage, this means you cannot have taken any cash out of your home for at least 12 months prior to your reverse mortgage. Since you are 58 now and have 4 ... (Read More)

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