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can reverse mortages be used to buy multifamily homes in wisconsin?

by Ceceliafromnh681 from , California. Jun 8th 2019 Reply

William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,728 contributions

More info needed, but the short answer is yes and no.. a reverse mortgage is intended for primary residence only.. so if you have a 2 to 4 unit property, and you occupy one of the units as your primary residence, then yes.. you can get a RM assuming you meet all other eligibility requirements.. If you are looking for a creative way to use a RM for flat out investment purposes, then the answer would be no.. Also understand that you must be 62 or older to qualify.. The further away form 62 you are, the larger the loan to value would be.. but at 62, you will need about 50% down. Realistically, a RM is not the ideal way to purchase investment properties, even if you are eligible.. The rates on RM's are typically higher and the fee's are much higher.. if you have 50% down, then a regular conventional loan would be best.. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

Jun 10th 2019
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