living in a reverse mortgage home want to sell and move to another state

You must sell the current home, or if you have the reserves, then pay off the loan, and then you can apply for another reverse mortgage on your new home right away.. 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. 480-287-5714 WilliamAcres.com

Sorry, that won't work. Even though the rules give you (or your family) 6-12 months to pay off the loan after you move out of the current property, this provision is only if you move into a care facility or in with family, etc. You would not be able to get another reverse if you are moving and want to buy another home. I'm afraid you'll have to rent until the current home sells.

.... or lease-to-own or purchase on contract.

If you have the down payment for the new home, you can do a reverse mortgage purchase at this time. Your old reverse mortgage was considered a refinance which is a different program. You are required to move into the newly purchased residence within 60 days after closing. Please contact me if you need additional information.

Sorry, you will not be able to use a reverse mortgage unless you sell. Only one at a time. The good thing is people sell and buy the same day all the time.

You can purchase the new home on a contingency. Your current Reverse Mortgage would need to be paid first (you'd need to see the house first), before the new one can be used to purchase your new home.

Except for rare circustances, you may not have two FHA insured mortgages at the same time. The HECM reverse mortgage is insured by FHA. Hence, you can not have two reverse mortgages at the same time. Also, a purchase reverse mortgage requires a large down payment, about 40%, depending on your age.

A Reveres Mtg is for owner occupied properties , regardless of If you move and rent or purchase a new home you will need sell your current home once you move out and no longer occupy the home as your primary residence.