I have asked questions about reverese mortgages on YA for a while
I have received many different responses, who do I believe ?
I CALLED RM' brokers I have found online and they too give erroneous or conflicting info.
I have been told You must live in the home for more than 6 months out of a year
Then I was told as long as you live in home at least one day out of 365 that satisfies the RM residance rules rules
Then I was told I could NOT get a RM on two different homes followed by another expert telling me I can.
If you are a RM broker and can answer my questions please do so
If not please DON'T BOTHER.
What I want to do is:
REFI my home IN FLORIDA - get $50,000.00 to $60,000.00 cash out ( I have over $100,000.00 in equity ) TO buy a $100,000.00 home IN TN and then get RM's on both homes - as soon as I would be eligible ( another question I have been given different answers on is --- is there a waiting period after buying a home and getting a RM?
2007-10-30 05:00:50 · 5 answers · asked by Mr KIA 2 in Business & Finance ➔ Renting & Real Estate
A good example is Sami V' answer
Dolts ---
2007-10-30 05:14:07 · update #1
You can only get a reverse mortgage on your primary residence. It doesn't matter how much time you spend in any home you can only have one primary residence.
If you try to get a second reverse mortgage while you have one outstanding you will be required to pay the first one off.
No waiting period.
2007-10-30 05:13:38 · answer #1 · answered by Anonymous · 1⤊ 0⤋
If you're pulling 50-60k equity out of your house, there won't be much equity left to pay you a Rev Mtg which is only going to be calculated of probably 75% of your remaining equity - what you're planning on doing is pointless because you'll have real estate taxes, homeowners insurance and repairs and maint for two properties so you living costs are going to increase
2007-10-30 06:11:20 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Reverse mortgage is a scheme to aid the needy who by definition are property owner(s)! If one doesn't occupy the property being put on reverse mortgage, it implies that that person is not a needy one! This is just to touch the crux of the problem! There are other issues to be considered which for brevity sake are not discussed here!
2007-10-30 05:11:05 · answer #3 · answered by Sami V 7 · 0⤊ 0⤋
GO TO H.U.D. website, or call your local F.H.A. office, and they will send you all the info. The answer is One R/M , on primary residence with equity.
2007-10-30 05:21:18 · answer #4 · answered by diesel6999999 3 · 1⤊ 0⤋
Instead of random strangers on the internet who can’t prove or disprove their qualifications, reach out to sources like HUD:
http://www.hud.gov/buying/rvrsmort.cfm
2007-10-30 05:11:01 · answer #5 · answered by Anonymous · 1⤊ 0⤋