• Question
  • Maintaning primary residence, renting elsewhere with better weather

    Asked on 11/26/2012

    The info I am reading about Reverse Mortgages says we can live outside the home for up to one year. If we do that, then come back, how soon can we leave for another year. (As in renting in another location, that has better weather.)

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  • Categories: Downsizing/Relocation, Best Places to Retire, Reverse Mortgages, Housing

Answers

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    NewRetirement

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  • A requirement of a Reverse Mortgage is that the home be your primary residence. You must live in and maintain the home.

    While you may -- or may not -- be able to skirt around the rule, I would not advise this tactic. Have you considered downsizing to a location with better weather instead of securing a Reverse Mortgage?

    Downsizing is usually a more cost efficient way or releasing home equity for retirement expenses.

    We wish you all the best!
    http://www.NewRetirement.com

  • Login to rate this answer:   Answered on 11/30/2012
**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.