Information for Reverse Mortgage on a Second Home - The Bills.com Blog
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Information for Reverse Mortgage on a Second Home
Question: Can I take out a reverse mortgage on a second home?
Answer: Yes, you can take out a reverse mortgage for your second home. Historically, reverse mortgages were allowed only in connection with a primary residence, but off late, lenders are beginning to permit more reverse loans on second homes.
A reverse mortgage on a second home actually makes much more sense for homeowners when compared with refinancingor a second mortgage. It would allow people who own more than one home to protect their primary residence from the risk of using it as collateral. If you refinance your home and then fail to make payments, you could face foreclosure, but taking out
a reverse mortgage poses no risk of foreclosure. Meanwhile, your second home can provide a steady stream of income, which further ensures that you'll be financially stable during retirement.
For more information on reverse mortgages, please visit
the Reverse Mortgage Information page on Bills.com. I hope the information provided helps you Find. Learn. Save.
Best,
Bill
www.bills.com/blog
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