I am 79 and took on a FHA 3% loan with my two grandsons. The three of us are on the mortgage and we bought the home and took the mortgage so that my daughter and son-in-law could live in the house for the next year or so while they establish their credit as they went through a foreclosure. My grandsons live in the home with their parents and I live in my own home. I now have a financial need to consider a reverse mortgage on my home. Can I take a reverse mortgage on my home or am I disqualified from having a FHA reverse mortgage on my home as I am on the other mortgage? I have received conflicting opinions from a number of loan officers.
Thank you for taking the time to respond to this question.
Terry Says: Traditional loan officers at a bank won’t have the answer for you, but Reverse Mortgage specialists will be able to help you. Go to www.ReverseMortgage.org. In general, as long as you are living in your own home, and it is your primary residence, and no one under age 62 is on the title, then you should be able to take out a Reverse Mortgage on it. Many people do that in order to finance a second, vacation home.