Do I have to pay-off my Reverse Mortgage if I buy another house with a CONV Mortgage when I close on the new house?

It depends on the purpose of the new house you're buying and how the loan is structured. Feel free to contact me at 813-359-7196 to discuss more specifically.

No you don't. You do have to be able to qualify for both mortgages with your income however. Will this new house be a primary residence, second home or investment property?

Are intending to occupy the new house? Let's discuss your reverse loan scenario in more detail. Contact me at 800 315 8803. My name is Jamie and I have been in the mortgage business since 1989. I am happy to answer your mortgage questions, 7 days a week and review your loan scenario. Until then, I look forward to hearing from you. Jamie Lynne - www.bartprequalifies.com - email Jamie@bartprequalifies.com - 800 315 8803

If you are moving into the new house you likely would, yes. If the 2nd is an investment property. you may not have to.I'm happy to help with the financing or just give you advice. If you need more information, or a competing rate quote call, email or use my live support button to discuss or get in touch with me. Web Address is: http://www.loansfromrob.com/quote/ Email is robertlh66@verizon.net and direct phone is 240-752-7549. Good Luck -- Rob Hanson

Will the new house be your primary residence? If so then yes.Call us or email us at 201-962-3555 or Team@BestMortgageOption.com for ano cost no obligation analysis of your situation ask for Michelle or Benny. We will find the Best Mortgage Option to suit your needs! Check us out at www.BestMortgageOption.comAsk us about the awesome discounts we offer heroes as a Homes for Heroes affiliate!

the home with the reverse mortgage has to be your primary residence, and if you have vacated the home, or no longer use it as your primary residence, then you have to pay it off.. 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

If you move into a new primary residence, you have up to 12 months to pay off the reverse mortgage. Since there are no payments on the reverse mortgage, it will not affect your debt ratio for the new conventional loan.

as long as you qualify for both and you will remain at the property that has the reverse mortgage as your primary residence.

Sounds like you got several different versions and answers. I would be glad to help you, fee free to give me a callRalph Guertin954-274-7725Ralph@absolutelowrates.com