As homeowners get older, some may consider a reverse mortgage to supplement their retirement income. However, if they’ve moved out of their home, they may wonder if they’re still eligible for a reverse mortgage.
Reverse mortgages allow homeowners to borrow against the equity in their home, without making monthly mortgage payments. The loan is paid back when the borrower moves out of the home or passes away, and the home is sold.
If you’ve moved out of your home, you may still be able to get a reverse mortgage, but there are some important factors to consider.
First, you must have lived in the home for a certain amount of time before you can get a reverse mortgage. Typically, this requirement is one year, but it can vary depending on the lender.
Second, you must still own the home and it must be your primary residence. If you’ve moved out and are renting the home, you may not be eligible for a reverse mortgage.
Lastly, if you’ve moved out of your home, you’ll need to demonstrate that you intend to move back in within a certain amount of time. This requirement can also vary depending on the lender.