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To: RVN Airplane Driver

We have a house and land in another state we’re no longer interested in. Both are paid off. I’m listing it as my primary residence for tax purposes. My wife is a resident of a different state for business purposes. Right now we’re traveling around looking for a home in another state.

I wouldn’t mind dumping the house and land on a bank or investor and receive a monthly alotment in exchange, until the equity is all used up.

Can a reverse mortgage accomplish something like that?


55 posted on 03/25/2009 2:59:14 PM PDT by sergeantdave (obuma is the anti-Lincoln, trying to re-establish slavery)
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To: sergeantdave

Probably not....the reason is that the home must be your primary residence and if you leave the residence for over 6 months then the loan becomes due and payable. Most lenders are quite flexible however.


57 posted on 03/25/2009 3:03:04 PM PDT by RVN Airplane Driver ("To be born into freedom is an accident; to die in freedom is an obligation..)
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To: sergeantdave

Most reverse mortgages require that you are an owner occupant... and you must “certify” to such. Owner occupant means that you live there most of the year 6 mos. +1. Mortgagees typically can do occupancy searches and verify that you indeed live in the property.

Most people with a strong equity position in the home use the reverse mortgage to pay off the first mortgage. Since the owner need not make payments to the reverse mortgage, they tend to use their monthly income stream for other living expenses.


59 posted on 03/25/2009 3:07:57 PM PDT by Mashood
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