Can you take out a reverse mortgage on a second home?

Answer Reverse mortgages cannot be taken out on second homes. This type of mortgage can only be taken out on the borrower's primary residence, which is where he or she lives most of the year.Source:Freedm... Read More »

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Can you have a second mortgage included with a reverse mortgage?

A borrower who is 62 or older can purchase a reverse mortgage to pay off any and all debt on their primary residence, including a first and second mortgage debt.SignificanceA reverse mortgage pays ... Read More »

How do i add a second name to a reverse mortgage?

EligibilityDetermine the second person's eligibility before starting the process to add him to the reverse mortgage. A reverse mortgage is a federal program, and like all federal programs there are... Read More »

Is a home equity mortgage the same as a second mortgage?

Yes, a home equity loan IS a 2nd mortgage.Some people however, consider a "2nd mortgage" to be a closed-end fixed rate lump sum loan. While a "line of credit" is revolving and can be used over and... Read More »

Where does the closing of the reverse mortgage take place?

Reverse mortgages allow senior citizens to turn the value of their home into cash flow. These mortgages are finalized by signing the necessary paperwork with a certified closer. The closing of a re... Read More »