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How long do I have to live in my home to qualify for a reverse mortgage?

My son is quick deeding a house to me.  I'm 64 yr old.  House is pd for.  Can I do a reverse mortgage right away to make improvement?.  It will be my primary residence.
  • June 13 2011 - Mesa
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Answers (6)

There is no waiting period to obtain a reverse mortgage.  We currently offer purchase money reverse mortgages.  A non arms length transaction should not disqualify your HECM eligibility.

Good luck!    
 
  • November 06
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Paul and Deborah are right this is a situation that would likely qualify for a reverse mortgage purchase. If he is gifting the house to you you may also be eligible to pull out additional equity on the loan to take care of improvements although depending on your situation there may be a waiting period before you can draw the additional funds out. I agree that contacting a professional for a consultation would be the best step from here.
  • July 22
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You can actually use the reverse equity loan to purchase the property, so there is no ownership time requirement.
  • November 22 2011
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You can use a HECM (reverse mortgage) to purchase property so time on title is of no consequence.  I do not originate in AZ, however, I believe my company does and we are a direct lender with a lot of experience doing reverse mortgages.  Be aware the reverse mortgages are not covered by the same RESPA rulings as regular mortgages and some companies charge a fortune to do them.  If you want a referral, contact me via my profile.
  • June 13 2011
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Profile picture for shapiroamg
Pat makes a good point. I dont believe there is any period but since this involves a family transfer and all, I would be hesitant to say you are fine.

You should speak to someone in your area that handles reverse mortgages and has exeriance closing them.

  • June 13 2011
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You have an unusual situation.  I suggest that you speak with a local loan officer who handles reverse mortgages about your eligibility.
  • June 13 2011
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