I am inclined to think that it would be very difficult for you to run afoul of the second home rider, even though, technically, this situation would fall outside of the "suitable for year-round occupancy," and perhaps other provisions as well. In reality, the holder of that Note is trying to make sure this is not an investment property, and it would appear that you have a strong case that it is not. Ultimately, all of us on this board would defer to an attorney, but this is my take on the real world situation.
Finally, RPM offers a program called "Family Opportunity." This allows an owner to classify a property as a second home instead of a rental if the occupant will be an elderly parent or a child with medical needs who otherwise would not be able to afford housing on his/her own. So, in a sense, you may already be using your second home in the intent of this program.
You consolidated your debts into a loan secured by real estate a little over a year ago. Now you want to go further into debt by obtaining a loan on a motor vehicle that had a loan on it that was paid off by your consolidation loan. You did not volunteer the reason for the loan request or what you plan to do with the loan funds. I donâ€™t know anything else about your credit quality or your debt load or income/payment ratio, but I do see the possibility that you are digging yourself into a hole of debt.... more