Sara Deere (SARAinMO)
#1 ranked lender in Missouri - 470 contributions
Yes. You will be required to take make the home your permanent residence within 60 days after signing the closing papers for the Reverse Mortgage purchase. Also you need to have about 40-45% down payment money available for your purchase. In most cases you can close on your old home in the morning, and purchase the new home in late afternoon on the same day.