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Krishtian
72 Posts |
 Posted - 03/07/2008 : 4:43:16 PM
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gentlemen called in regards to a reverse mortagge, however he wants to do it on his free & clear, 2nd home? he's in denver & property is in new jersey beacj, nj. to my understanding, reverse mortages are Only available for primary residence's??
not looking for an actual monthly mortagge payment... 72yrs old.
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hjames1908
53 Posts |
Posted - 03/07/2008 : 6:07:06 PM
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| If you're doing the HECM (FHA) check with the HUD web site or homeownership center. My understanding (could be wrong) is that they have to live in the home at least 6 months out of 12 and it qualifies. Hope this is some help. |
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Krishtian
72 Posts |
Posted - 03/07/2008 : 6:10:32 PM
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| preciate it.. |
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rmcinturff
329 Posts |
Posted - 03/07/2008 : 6:25:18 PM
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HECM does not allow for second home. There are circumstances that will allow for a second home to work in a PRIVATE reverse mortgage scenario but will require exception.
You can try to run it through Everbank. I can help if needed, do you know what kind of yield they are looking for- its alot different compared to Owner Occ property.
240-506-4611
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Krishtian
72 Posts |
Posted - 03/07/2008 : 6:39:35 PM
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ok,
does'nt matter as longas we can make it happen..
give you a ring.
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Krishtian
72 Posts |
Posted - 03/10/2008 : 12:08:24 PM
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hey, rick..
what information do you need? |
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