Posted on: 07th Jul, 2009 05:35 pm
does the homeowner of the home have to live in the home its self. to recieve the loan
Hi carbree,
A reverse mortgage can only be obtained on a primary residence. The homeowner has to live in the home to qualify for a reverse mortgage. There are various other reverse mortgage eligibility requirements which you need to meet in order to be able to qualify for the mortgage.
A reverse mortgage can only be obtained on a primary residence. The homeowner has to live in the home to qualify for a reverse mortgage. There are various other reverse mortgage eligibility requirements which you need to meet in order to be able to qualify for the mortgage.
You definitely have to be living there to get a reverse mortgage.
You must reside in the home for a minimum of 183 days per year in order for your home to be considered a primary residence. The rest of the time you should be visiting friends in your RV or taking cruises.
Try this
Very detailed information
http://www.mortgagefit.com/reverse.html
Very detailed information
http://www.mortgagefit.com/reverse.html