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 »

What is reverse mortgage?

A reverse mortgage is a type of mortgage that allows home owners age 62 and older to use the built-up equity in their home to pay off their current mortgage debt or create additional needed income ... Read More »

What are the pro's and con's of a reverse mortgage?

Well, hope you are sitting down......First, ALL borrowers (usually the husband and wife - ALL parties on title) must be 62 or older. If the parents put the son (Johnny) on title, they need to have... Read More »

What is a reverse mortgage and how do I get one?

For many people, the retirement years present a financial challenge. If you are a senior and own your own home, you may be able to use the equity of your home as a source of needed cash by getting ... Read More »