I have a reverse mortgage of $217,000, with a home value of 300,000 +. Can I apply and receive a second or HELOC?

Secondary liens are not permitted on reverse mortgages. Most lenders won't do them because they have no idea what the remaining equity is going to be as time passes. HUD also has a prohibition. Hope that answeres your questionWayne Thompsonwww.waynethompson.com

No, Lenders wont do 2nds on HECM's because the first loan is a negatively amortized loan, so the balance continues to rise. However you can always refinance using a reverse mortgage.. the maximum loan limit is determined by the homes value and by the age of the youngest borrower applying for the loan. If you have sufficient equity, then it's possible you can receive more cash upfront.. .. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

There are instances wherein people elected to do a reverse mortgage and have a ready made "line of credit" in place that should be providing the reverse mortgage borrower some interest. At least that was true when I studied and got qualified to do reverse mortgages several years ago (I have not been actively doing reverse mortgages). You could ask your current lender or a reverse mortgage specialist if it is possible to change to terms that allow for that. Obviously, the amount of equity you have and your age will matter.