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Husband is 73, I am 58. Can we get a reverse mortgage for a SECOND home?
Asked by a 73 year old man from Seattle, WA on 1/13/2017

Having a spouse younger than 62 does not exclude you from obtaining a Reverse Mortgage, so long as you qualify based on the younger spouses age and your home equity. The younger spouse is considered a "NBS" or Non-Borrowing Spouse. For more information about Non-Borrowing Spouse with regard to Reverse Mortgage please visit this article: https://www.newretirement.com/retirement/new-options-for-reverse-mortgage-non-borrowing-spouses/?nr_placement=Answers&nr_adgroup=13449 You are also not restricted on how you chose to use your funds with a Reverse Mortgage, however there are some restrictions on how much you can access in the first year of the loan. This article may be helpful in explaining how Reverse Mortgages work: https://www.newretirement.com/retirement/how-does-a-reverse-mortgage-work/ There are also two ways a Reverse Mortgage can help you buy a second home. One would be cashing out some equity in your first home to make a down payment on a second home. The second option is a Reverse Mortgage for Purchase, which allows you to purchase a home by making a significant down payment, and using a Reverse Mortgage for the balance of the purchase. For more information on Reverse Mortgage for Purchase you can visit these links to get educated: https://www.newretirement.com/Services/Reverse_Mortgage_for_Purchase.aspx https://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/faqs_hecm The important thing to consider is that the home that has the Reverse Mortgage must be maintained as your primary residence, otherwise you may trigger the loan becoming due. I hope you find this helpful, if you have more questions feel free to reach out to us by email at service@newretirement.com or Toll Free at 888-411-RETIRE (7384)

Tricia Drago
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NewRetirement is a new approach for retirement planning – comprehensive, easy, personalized and designed for regular people. We started this company because our own parents needed help with retirement planning and there were not any affordable and trustworthy resources.

NewRetirement’s calculator is designed for anyone who is worried about their retirement – especially people nearing the end of their careers who are in their 50s and 60s. We help people figure out how to draw down their savings as well as think through things like Social Security, income streams, Medicare, work and phased retirement and how to manage debt, expenses and out-of-pocket medical costs to live as securely as possible.

The system puts you in charge of how you want to use your resources so that you can make better decisions about your future.