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.
“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.”
Which is why I’m interested in the reverse mortgage.