Financing in Orlando>Question Details

Rosa Otero, Home Buyer in Winter Park, FL

I am trying to buy a second house, can I apply for a reverse mortgage loan?

Asked by Rosa Otero, Winter Park, FL Fri Oct 10, 2008

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Reverse Mortgage - also known as HECM (Home Equity Conversion Mortgage) - reverse mortgages - is a government insured mortgage loan program designed for senior homeowners to release a portion of their home's equity without the burden of monthly mortgage payments while in retirement. To learn more simply search in google ---…………
6 votes Thank Flag Link Fri May 24, 2013
Hello Rosa;
The minimum age for a borrower is 62 for a reverse mortgage. If you are not 62 or older a reverse mortgage is not attainable. If you are trying to pull money for a dwonpayment out of an equity rich primary residence, you may be able to do that with the HECM line of credit from a reverse mortgage.
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1 vote Thank Flag Link Mon Dec 8, 2008
You can only have a reverse mortgage on your primary residence. You can put a reverse mortgage on your current home and use the proceeds to purchase the 2nd home...
0 votes Thank Flag Link Tue Oct 6, 2009

This is hot off the press directly from a seminar yesterday. Bank of america is initiating anew program that will commence on January 1, 2009. It's called the "Senior Equity Reverse Mortgate Platinum. It sounds like the opportunity you may be looking for.

This is a brand new program that is intended to help seniors by creating mobility with home ownership.

We suggest you contact Reverse Mortgage Loan Officer Al Johnson who will be able to explain the specifics of the program. Al's contact information is: tel 813-375-1981

Good luck.
The "Eckler Team"
0 votes Thank Flag Link Fri Nov 7, 2008
I do not believe so. You would apply for an "equity line of credit" or ELOC. Your lender would approve you for up to 80% of your equity in your current home. This you could use to purchase another home.

Your Interest rate would be variable based on Prime.

It is a great time to use that equity to expand your portfolio. Give us a call for additional information on Bank Owned opportunities.
0 votes Thank Flag Link Fri Oct 10, 2008

I would first contact your CPA or account to see what the benefits are to buying a home with a reverse mortgage verses an equality line, which is the better tax advantage.

I would next contact a mortgage broker who understands the in and outs of both loan programs.

If you need help finding a mortgage broker contact me through my website here:…

Dave Lowe
Broker, e-PRO, GRI
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0 votes Thank Flag Link Fri Oct 10, 2008
Contact a mortgage broker who does specialize in these types of loans. Great investment if you can locate a home with equity for lease.
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0 votes Thank Flag Link Fri Oct 10, 2008

If you are talking about applying for a reverse mortgage loan on your current property you would be best served to talk to a lender first and foremost because the requirements are changing daily if not hourly. These loans are still available to homeowners, but the qualifications are most strict and you may not be able to borrow as much money as you once could have. It will also depend on your credit qualifications. If you would like the contact information for a great lender who will definitely be able to give you more details, please don't hesitate to email me.

Taylor Plumblee, Realtor
The Linda Hutchinson Team
0 votes Thank Flag Link Fri Oct 10, 2008
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