reverse mortgage requirements
hi for an hecm reverse mortgage how many days out of the year must the property be owner occupied? writing for my grandfather who is relatively bi-coastal. he lives in his home about 75 - 80% of the year and lives alone. does this meet the general hecm requirements? by courtsside9837802 from Irvington, New Jersey. Jun 23rd 2014
Jericho Cherry (Jerichocherry)
#54 ranked lender in Virginia - 1,107 contributions
If he lives in the house 75-80% of the time, he should qualify providing he meets all the other qualifications.
Charlie Sparks (CharlieSparks)
#8 ranked lender in New Mexico - 401 contributions
Check with your local lender as some lenders may have more restrictive requirements than HUD has established.
Dave Metsker (DaveMetsker)
#35 ranked lender in Oregon - 2,318 contributions
He is fine. He must maintain the home as his primary residence, which means he must "sleep" there at least 183 nights during a 365-day period.
Sharon Duffy (sduffy)
#70 ranked lender in Pennsylvania - 595 contributions
I am a HECM specialist in New Jersey. Please give me a call ...Sharon732 606 6264
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