No. No. Have I said no? The whole premise of a reverse mortgage loan is that it allows seniors to "age in place". There are many rules about this loan and one is that you can only get a reverse mortgage loan on your primary residence.
Does that mean you cannot use the funds from a reverse mortgage loan (taken on your primary residence) to purchase a rental property? Nope. In fact, some seniors are using the proceeds of their loan for that specific reason. You can use the proceeds for anything you like....just remember that the loan must be on your primary residence.
If you have any questions about this, be sure to give me a call! 855-469-7383, Ext. 802.
Laura Funderburk is a highly sought after reverse mortgage loan specialist in Dallas, Texas. She has focused on this specialty loan for many years and stays up-to-date on the latest trends and changes. She is known for helping retirees supplement their retirement income using a reverse mortgage loan without being pushy or overbearing.
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