Can A Reverse Mortgage Lender Take Your Home?

[@joelwatson-i2s]

Thank you very much. This is one of the first concerns my customers have when discussing Reverse Mortgages. I like the way you address the issue in very common sense terms.

[@reversemortgageeducation]

My pleasure! So happy you found it helpful.😊

[@lastgaspd]

So you can't rent the home and rent something else to live in? How do they know? Do they check periodically? and how do they check?

[@reversemortgageeducation]

Correct. You cannot rent out the whole property and live elsewhere. The home must be your primary residence. However, you can rent out a portion of the home, just not a majority of it. The way lenders make sure you are still residing in the home is by sending out a yearly occupancy certificate in the mail. They require you sign and send that back every year. Hope that helps! :-)

[@jnerikaat]

Great education. ❤❤❤ in another video you said owner must live in the house for six months in a year, to call it primary residence. Is this correct?

[@reversemortgageeducation]

Thank you! Glad you enjoyed it. Occupying the home as your primary residence is generally described as living in the home for at least 6 months and 1 day per year. Although, lenders will send out an occupancy certification every year to make sure you are still "occupying" the home. So, keep in mind, if they don't receive that certificate back, they will be left to assume you no longer occupy the home. Hope that helps.

[@lisavizzini9609]

Can you help people in North Carolina?

[@reversemortgageeducation]

Unfortunately, I am not currently licensed in North Carolina. But, I’m always happy to answer basic questions if you’d still like to give me a call.😊

[@destincasimiro6984]

Thanks for the video it was very informative. I live in Arizona and I'm considering a reverse mortgage. Is a home inspection required prior to entering a reverse mortgage like it is on a standard mortgage? You didn't mention that in this video in the owners obligatons section...

[@reversemortgageeducation]

Hi there. Yes, an appraisal is required within the reverse mortgage transaction.