Is is possible to get a reverse annuity mortgage on a vacation condo?
It is located in an upscale resort community and I own it debt-free. I need to ramp up my retirement income and I don’t want to sell my vacation condo to raise money. A. As you already know, a reverse annuity mortgage lets owners age 62 or older tap the equity in their condos tax-free. They are increasingly popular with seniors seeking additional income. If you have a traditional mortgage or a home equity loan, you make monthly payments to the lender. A reverse mortgage works the opposite way: the lender pays you. You can get a regular monthly check or a lump-sum payment. Historically, only a handful of smaller lenders offered reverse mortgages on second homes. That’s changing rapidly. Banks are rapidly launching reverse mortgages that lets owners tap the equity in second or third vacation homes. You can even have reverse mortgages on two different condos. Learn more about reverse mortgages: Order a free booklet Just the Answers to Common Questions About Reverser Mortgages from the Nat
