• Question
  • Reverse mortgage question

    Asked on 9/5/2012

    Can you get a reverse mortgage on your current home, keep the home, and take out a new mortgage on another home in another state? The person is 60 years old, retired, and owes $15,000 on current home. Primary residence would remain at the first home.

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  • Categories: Qualifying, Reverse Mortgages

Answers

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  • Steve 

    Steve 
    NewRetirement

    San Francisco, CA

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  • Once the homeowner and all people on title are 62 years old in the primary residence, then they should be able to do this - so long as they can qualify for the mortgage on the new home.

    You may also want to explore a HECM for purchase if the primary residence may become the new home.

    http://www.newretirement.com/Services/Reverse_Mortgage_for_Purchase.aspx

  • Login to rate this answer:   Answered on 9/10/2012
**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.