Do I qualify for reverse mortgage if my child is living with me?
I have heard that one of the reverse mortgage qualifications is that you must own and live in your own house. I still own my house, but my son lives in it. Do I still qualify for a reverse mortgage?
American Advisors Group | Phil Scott
One of the requirements for a reverse mortgage is that the borrower lives in the home as their primary residence for the term of the loan. In your situation, it is fine for your son to live in your house, as long as you live there as well for at least 6 months out of the year.
Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 8/11/2010
Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
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