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Information for Reverse Mortgage on a Second Home

Mark Cappel
UpdatedApr 30, 2008

Can I take out a reverse mortgage on a second home?

Can I take out a reverse mortgage on a second home?

Historically, reverse mortgages were allowed only in connection with a primary residence.

For more information on reverse mortgages, please visit the Reverse Mortgage Information page on I hope the information provided helps you Find. Learn. Save.




BBill, Mar, 2009
Sheri - I have some bad news for you.Our understanding is that it does have to be a primary residence and you cannot have two primary residences without some fancy footwork (fraud or mis-statement, which you do not want to do). Also, every lender will pull your credit and realize that you already have a Reverse Mortgage.BUT, if the home is owned free and clear and you have a lot of equity a lender (sometimes called a hard money lender) might be willing to just do a refinance loan. Good luck and congrats on owning two homes and one free and clear!
SSheri Lemire, Mar, 2009
Hi Bill,I have a jumbo reverse mortgage on my home, and I also own another home that I would like to get a HECM reverse mortgage on my other home that is paid free & clear. However I reside only in one home and everything I have read states you must live in the primary residence. You are allowed to be away from the primary residence but for no longer than 12 months. Can I obtain two reverse mortgages for a second home? I would not be using the same mortgage company, and they would be different loans. Or I could live in one for the time required and then the other home for remainder. I live in California, and my homes are an hour a part. If you could please give me some insight on this matter I would greatly appreciate it. Finally, is it common for Reverse Mortgage Companies to check if you already have a Reverse Mortgage? Thank you Bill for your time and I look forward to hearing from you. I love your site, very informative.Sincerely, Sheri