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  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

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  • I do not believe that you can "rollover" your current HECM Reverse Mortgage. However, I urge you to speak with a Reverse Mortgage lender about your situation.

    You should be able to sell your current home and pay off your current HECM. And then, a Reverse Mortgage lender will be able to help secure a "HECM for Purchase." A HECM for Purchase is a Reverse Mortgage that you can secure to buy a new home.

    If you have an adequate down payment, you can buy your ideal downsized retirement home by using a HECM for Purchase -- without any monthly payments at all.

    The value of the home you could purchase with a HECM is determined by using your down payment and age. Presuming that you qualify for enough money to permit you to purchase the property, you can then do so, and live in the home for as long as you wish, as with a normal Reverse Mortgage.

    The fees, interest rates, terms, and conditions of the loan are all identical to those of a normal Reverse Mortgage, meaning that you never have to make any payments for so long as you are living in the property. None of the money you borrow with the Reverse Mortgage has to be paid back until you (or your spouse) are no longer living in the property.

    We are happy to connect you with a lender who could help you with these transactions. Feel free to call us toll free at: 866 441 0246 or browse lenders online here: https://stage.newretirement.com/reverse-mortgage-marketplace.aspx

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

  • Login to rate this answer:   Answered on 3/20/2013
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  • No, it can't be rolled over. You'd need to pay off your current Reverse Mortgage first, then purchase your next home with a new Reverse Mortgage.

  • Login to rate this answer:   Answered on 3/22/2013
**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.