Retirement Information and Tips
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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
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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:
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:
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:
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 firstname.lastname@example.org or Toll Free at 888-411-RETIRE (7384)
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