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If I get a reverse mortgage loan and pay it off can I get another one later?

by ehatch_988_178 from Ogden, Utah. Dec 23rd 2012 Reply


Bert Carpenter (BertCarpenter)
#38 ranked lender in Arizona - 1,819 contributions

Absolutely. Because these loans are only available on your primary residence, you can only have one at a time. There is no limit to the total number you can have over time, but only one at a time. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ Licensed in California and Arizona ~ NMLS 40586 ~ www.LoansA2z.com ~ 888-889-9950

Dec 24th 2012
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

Yes. I am a local lender here in Utah and can help you with your financial mortgage needs. Please give me a call me when you get a chance at 801-971-6901 or you can always go to my website to get started at www.carlo.blueroof360.com and Thank you. Carlo

Dec 23rd 2012
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Joel Lobb (kentuckyloan)
#3 ranked lender in Kentucky - 192 contributions

Yes it is possible.

Dec 23rd 2012
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Linda Wintersteen (Linda123)
#63 ranked lender in Arizona - 1,256 contributions

what are you planning to do ? purchase? refi?? are you age qualifed? linda yourloanpartnerforlife@live.com i can lend in your state..

Dec 23rd 2012
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Casey Bradshaw (CaseyB)
#59 ranked lender in Utah - 1 contribution

Yes you can. A reverse mortgage is just a mortgage that you don't have to make a payment on. If you pay it off and then decide to get another one later you can do that, the only thing with the changing reverse mortgage laws you may not qualify for as much later. You can go to www.reverseutah.com to learn more or call me at 801-372-9636 to set up a free in-person consultation at your home.

Dec 23rd 2012
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Raymond Denton (Raymond)
#13 ranked lender in Ohio - 224 contributions

Yes, as long as you and the property qualify. Next month HUD is revising the Reverse Mortgage program, and will be implementing Credit and Income requirements. Additionally, it appears as if the standard fixed interest rate program will be discontinued, and the amount of equity that can be converted into cash may be reduced. We don't know what the next generation of the Reverse Mortgage program will look like, until HUD informs us - but we do know it's going to change, and some of the things being considered.

Dec 24th 2012
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