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Lillian Said:

If I get a reverse mortgage will I deplete most of the equity out my home? I want to move and be a renter?

We Answered:

Reverse mortgage is for people wanting to use the equity in their home and still live at their current residence. This is a way to stay in your home not designed for you to move to another residence, You would be better off to sell or rent your current home and move into a rental situation if that is your goal and save the seven grand. I believe this is not the option for you based on your facts above. Good Luck

Holly Said:

Can I buy my parents place from them using a reverse mortgage?

We Answered:

Are you asking if you can be the reverse mortgage lender? Not if you are not a legal bank you can't.

You can buy their house with a conventional mortgage and just let them live there though. I did this with my mother, and will with my father if it comes down to that.

Tammy Said:

If a property has a reverse mortgage and the owner has passed away, is there a way for the heir to refinance?

We Answered:

Yes, you are perfectly welcome to refinance the property and pay off that debt.