You Can Only Use a Reverse Mortgage on "The Final and Forever" Home You Live in.

FACT: You may use a Reverse Mortgage loan over and over again—buying or refinancing. The ability to use this loan program is not based upon the number of times it is used. It just must be used on the Primary Residence only.

Story: My Mother-in-Law has had three Reverse Mortgage loans since 1997.

● They obtained their first one in 1997 and sold that home in 2015 (at a profit, after 18 years of having a Reverse Mortgage in place!).

● They purchased another home in 2015 using a Reverse Mortgage loan.

● She sold that home (at a profit) in 2019 and purchased another home using a Reverse Mortgage loan.

She currently lives there and still has an abundance of equity! She does not have any mandatory mortgage payments and has a surplus in her savings account, since she did not use all of the sale proceeds to buy the current home. She has peace of mind, and can easily afford to live on her own with independence and financial security.

Disclaimer: The information provided is based upon education, solid knowledge, experience, and research; however, it should not be considered professional legal advice. Consult a legal professional with regard to your specific situation.