Can You Leave Home With a Reverse Mortgage? Expert Q&A’s

July 25, 2022

By Michael G. Branson Edited by Cliff Auerswald 84 comments

Carol wrote:

Regarding the rule that the homeowner has to reside in the home: how long could that homeowner be absent (e.g. on an extended vacation) before they would be considered not residing in the house. Would they be allowed to have someone else living in the house to care take?

Carol,

Hi and thank you for your questions. I am going to start with the second question as it is the simpler question to answer without reservations.

The reverse mortgage does not prohibit a borrower from having anyone else live in the property such as a family member of a live-in caregiver. The borrower(s) may certainly bring in help to assist them in their living needs whether that be family or a paid medical caregiver.

If and when the borrower(s) leave(s) the home to permanently reside in a nursing care facility or pass, then the loan would become due and payable and it would be up to the heirs of the borrower to contact the servicer to make arrangements to sell the property, refinance the loan or pay off the loan with other funds.

The question about the extended vacation is the one that gets into the gray area

The Security Instrument for the Home Equity Conversion Mortgage (in California it would be a Deed of Trust), states specifically that if the Property ceases to be the principal residence of at least one of the original borrowers during a period of 12 consecutive months after closing due to mental or physical illness, then there are grounds for acceleration of the debt (it can be called Due and Payable).

In other words, if a borrower is forced to go to a hospital for more than 12 consecutive months and there is not still one original borrower remaining in the home (not a family member, but a borrower who is on the loan), then the loan shall become Due and Payable and must be paid in full at that time.

The documents do not state specifically how long a borrower can be out of the home for an “extended absence” for things other than mental or physical illness, like a vacation.

Most of the time it’s only a matter of contacting the servicer, notifying them that you will be on an extended vacation in case they try to contact you while you are gone and everything is fine. However, that would depend on the time of the absence.

The underlying guideline will be whether or not the borrower(s) is/are absent long enough to still consider the property the primary residence. If the borrowers want to take a 3 or 4 month vacation, no servicer I know would take issue with that time period.

If the time frame was to be 2 years, I think it would be safe to say that the property was no longer their primary residence during that period and therefore under the HUD rules, they would have to call the loan Due and Payable.

Unfortunately, there is no set time period on the Deed of Trust for which the borrowers can be out of the home on a “vacation” basis so I cannot give you a definitive answer. What servicers are doing today as a matter of policy may not be the same as they do tomorrow and unless it is specifically spelled out in your loan documents, there is some room for HUD and the servicer to interpret and change policy.

Communicate with your servicer

However, I can tell you this for sure: good communication with the servicer goes a long way. If you have a reverse mortgage and you get the opportunity to travel for extended periods, notify your servicer and make sure they are aware of the circumstances.

As long as they are sure that the home is still occupied as your primary residence and that the borrowers have not left the home, they can work with you to make certain there are no miscommunications.

The troubles typically start when people think they need to hide something and when servicers can’t get in touch with borrowers, that’s when it really appears the home has been vacated for good and the servicer needs to take action.

Click here to download a helpful .pdf brochure written by our servicing company Celink in regards to occupancy requirements.

Occupancy FAQs

Do you have to live in your home for a reverse mortgage?

Yes, the reverse mortgage requires the borrower to live in the home that secures the loan as their primary residence.

What happens when you move out of a home with a reverse mortgage?

The loan becomes due and payable. At that time, you can pay the loan off with funds available to you, refinance the loan with another loan, sell the property and keep the proceeds after the loan is repaid or walk away and let the lender take the property back if that is your wish.

Can someone live with you if you have a reverse mortgage?

Yes, they can. If you have more people living with you at the time you get the loan, you may need to show more income for qualification though.

Can you rent a room in your home with a reverse mortgage?

Yes, you can. If you continue to live in the home as your primary residence and do not rent it out for transient purposes (over night or motel, hotel, Airbnb type rental), you are well within the HUD requirements.

Can you have a tenant with a reverse mortgage?

You can have a tenant that rents a second unit or bedroom, but you cannot rent the entire home out and move from the property. If the home is not your primary residence, the lender will call the loan due and payable and if you are unable to repay the loan at that time, they would initiate a foreclosure action.

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84 Comments on this Article

Roberta W.
December 15th, 2022

Is there a legal requirement for how much time I must spend in the house to qualify?
Reply to Roberta
- ARLO™
  December 15th, 2022
  
  Hello Roberta,
  
  The terms of the loan have two different occupancy requirements. Firstly, the home must be your primary residence. This means that you must live in the home as your main residence and must be at the home for a minimum of 6 months and one day of each year (more than half the year). Furthermore, if you plan to be out of the home for extended periods of time (more than 2 months at a time), you are required to let the lender know so that they can always be sure that the home is secure.
  Also, lenders are allowed to conduct an occupancy inspection at any time and if you are not in the property and have not notified them of a planned absence, they could file a Notice of Default, so it is to your benefit to notify the lender if you plan to be away for more than 2 months (i.e., spending the summer or winter months in another location). If you need to be away from the home due to medical reasons, you can be out of the home for up to one year and still be within the terms of the reverse mortgage agreement (i.e., you need to move to a rehabilitation center after a medical procedure).
  Here again though, you would need to let your lender know of your planned absence and when you return. If your plans from the start are to be away from the home for longer periods of time or you do not intend to live in the home for more than half the year every year, you should consider financing options other than a reverse mortgage.
  Reply to ARLO
William B.
November 14th, 2022

Hi Arlo,

My wife and I took out a reverse mortgage. I moved into rental apartment to make room for our daughter's family in our house. We are not divorced. I am not eligible for a homeowner's deduction on my apartment because Broward County Florida considers us as a married couple still living at the house. My question: should my wife pre-decease me can I return to the house with the reverse mortgage still in effect as though I had never left? Be aware the mortgage company told my wife to stop signing my name on correspondence. It all boils do to: what does "leaving the home" mean?
Reply to William
- ARLO™
  November 14th, 2022
  
  Hello William,
  
  Unfortunately, leaving the home means just that, leaving the home. If you left the home to live somewhere else, you are no longer living in the home as your primary residence. We have had borrowers who contact us and tell us that they left the home to live elsewhere but then moved back after a spouse died and wanted to remain in the home under the terms of the reverse mortgage after living in a different location for 5+ years but were not allowed to keep the reverse mortgage and did not understand why.
  The terms of the loan state that to be eligible, you will continue to live in the home as your primary residence and that for any absences of longer than 60 days you will contact the lender to let them know. Furthermore, you can be out of the property for up to 12 months for a temporary medical absence but any longer than that represents a permanent leave and can result in the lender calling the loan due and payable if there is not at least one remaining spouse still living in the home as their primary residence.
  
  The occupancy requirement does not and never did revolve around marriage. Non-married persons living in a property can get a reverse mortgage together if they meet the age and occupancy requirements. In fact, siblings who cohabitate get reverse mortgages all the time. The loan does require that borrowers live in the property as their primary residence. The loan is meant for borrowers over the age of 62 to be able to live in their homes without having to make a mortgage payment, not so that their families can. I don't know how to advise you on this.
  If there is not sufficient room for your daughter's family in the apartment, or for you to join them in the home while they are there with your wife, perhaps you need to consider other options. The lender is absolutely justified in their assertion if they know you have been out of the home for more than 12 months and if you think there might come a time that your wife passes before you, you could find yourself in a position where you need to act quickly with the lender calling the loan due and payable.
  Reply to ARLO
Bob R.
November 4th, 2022

Do lenders have an issue with me being away for 60-90 days at a time? I plan on taking extended vacations during my retirement.
Reply to Bob
- ARLO™
  November 4th, 2022
  
  Hello Bob,
  Absences for up to 60 days require no notice to the lender. If you plan to be gone longer, you just need to let them know so they can be sure the property is secure while you are gone and that they do not schedule an occupancy inspection in your absence. Your loan documents state this requirement so you just need to be sure you notify the lender if your travel plans will extend beyond 60 days.
  Reply to ARLO
Kathy
August 19th, 2022

Is it possible to live in a house for 7 months in a year and rent the house outfox the remainder of the year without violating the terms of the reverse mortgage?
Reply to Kathy
- ARLO™
  August 19th, 2022
  
  Hello Kathy,
  The reverse mortgage allows you to be away from your home for periods of time extending beyond 30 days at a time as long as you let the servicer know that the home is secure in your absence (as would be the case with homeowners who travel, frequently visit family in other areas or spend time at a second property in a different climate, etc.) as long as you still reside in the home more than half the year as your primary residence.
  However, the loan is not intended to finance a part-time rental property. Therefore, an arrangement such as the one you describe would not meet the requirements of a reverse mortgage and should an occupancy inspection be conducted while you were away, your loan could be called due and payable by the servicer/lender.
  Reply to ARLO
Michael
May 24th, 2021

Hi ARLO,

Several questions really.

1: What exactly is the residency requirement under an HECM?

2: Does it matter if my spouse (who is 4 years younger than me - we are 64 and 60 respectively right now) is on title when I take out an HECM? And what if she were to be placed on title after the HECM went into effect?

3: What are the tax consequences of an HECM? Thanks!
Reply to Michael
- ARLO™
  May 24th, 2021
  
  Hello Michael,
  
  The residency requirement is that you must live in the home as your primary residence. That means that you must occupy the home more than half of every year and if you are every absent from the home for a temporary medical reason, you can be gone for up to 12 months in a medical facility and still be within the terms of the loan.
  Anything longer than 12 months constitutes a permanent move under the terms of the loan and the lender can call the loan due and payable and less than 6 months occupancy per year, renting the home out (other than just a room while you occupy the remainder of the residence) or moving your primary status (where you live, vote, establish your driver's license, etc.) would be grounds for the lender calling the loan due and payable and you would need to repay the loan by refinancing the loan or selling the property to avoid foreclosure.
  
  Your younger spouse can be an eligible non-borrowing spouse and as such, would be covered by the terms of the reverse mortgage. If you choose to keep her as a non-borrowing spouse who is not eligible (i.e., she does not live in the home), then she would not be covered by the loan should something happen to you. There would be no deferral period and the loan would become due and payable.
  You can still add her to title at any time if you remain on title as well. Under the terms of the loan documents, if the HECM borrower remains on title and is still living in the home as their primary residence, they can bring anyone else on title with them without jeopardizing their reverse mortgage.
  
  The tax consequences I cannot answer for you. The reverse mortgage is a loan. It is not a government grant and so it will affect you the same as any other money you borrow - it is not income. Everyone has different tax considerations, and the tax laws constantly change.
  By licensing law, we cannot give tax or legal advice. For this part of your question, I must refer you to your tax specialist to determine the consequences for your circumstances.
  Reply to ARLO
- Gary H.
  November 3rd, 2021
  
  Good afternoon. We have a reverse mortgage on our home that we've lived in for 35 years but would like to travel for a month or even two during the coldest winter months and was wondering if we could rent it to family or friends during that vacation? Thank, Gary
  Reply to Gary
  - ARLO™
    November 7th, 2021
    
    Hi Gary,
    
    Under the terms of your loan, you agree that you will not use the property as a rental and that if you will be gone for more than 60 days at a time you will contact the lender to let them know how you intend to secure the property. If you are only gone for 30 to 60 days at a time, you are under no obligation to inform the lender of your absence.
    If you have family or friends staying in the home and watching it in your absence you are fine as well but if you begin renting it out such as Airbnb or other such arrangements, you would be in violation of the terms of your agreements with the lender and HUD.
    Reply to ARLO
Gary B.
April 13th, 2021

If a person has had a stroke and left to rehab but can go home with home health care, can they get a reverse mortgage to pay for home health care?
Reply to Gary
- ARLO™
  April 13th, 2021
  
  Hello Gary,
  
  If an individual meets all the HUD requirements and is living in the home at the time of application, then he/she would certainly be eligible for the loan. It does not matter for what purpose they plan to use the funds.
  If you are asking can a person apply while still living in a rehab facility based on the premise that they will be returning to the home sometime after the loan closes, that would not be acceptable under the terms of the loan.
  The borrower must be living in the home at the time of application and must continue to live in the home after the loan closes.
  Reply to ARLO
Sally B.
March 2nd, 2021

I have a RM, and no children. I have no one I consider an "heir". If I no longer wish to live in my home, and the loan is "under water" can I just allow it to go into foreclosure (walk away)? or will I be obliged to attempt to sell it myself?
Reply to Sally
- ARLO™
  March 2nd, 2021
  
  Hello Sally,
  
  If you voluntarily leave the home and there is a loss to HUD, you would be ineligible for other HUD/FHA insured programs if the loss remains outstanding but other than that, there are no other issues regarding the loan.
  The reverse mortgage is a non-recourse loan and the only security the lender has is the property so they cannot seek payment from any other assets you own. I would advise you check with your accountant or tax preparer though.
  I do not know the circumstances when you obtained your loan, what cash you may have taken or the current tax laws and would not begin to try to advise you regarding tax implications, if any, regarding such an action.
  But as far as the lender is concerned, you are not obliged to sell the home yourself and you may even want to give them a call and ask them about a Deed in Lieu of Foreclosure.
  Reply to ARLO
Cheryl R.
December 8th, 2020

Hi ARLO, If a home has been reverse mortgaged and the payments have stopped due to the 15 year contract expiring I understand that the person must occupy the home at least 6 months out of the year. My mother is currently in the hospital do we need to notify the company that she currently is not in the home? Also, a family member is currently moving into the area and would like to stay in Mom's house temporarily while their new home is being built. Is the allowed, do we need to notify the company servicing the reverse mortgage?
Reply to Cheryl
- ARLO™
  December 8th, 2020
  
  Hello Cheryl,
  
  You should contact the servicer, so they do not find out and think that the borrower has moved permanently and call the loan due and payable.
  Mom can be out of the home for up to 12 months on a temporary medical absence.
  If it gets to where you are within 3 or 4 months of the maximum time out, you really need to start thinking about whether mom is really going to be able to return.
  If not, it is a lot easier to begin planning to refinance the loan, pay it off with other funds or sell the home when you are not under any pressure of the loan being called due and payable after the 12 months have elapsed, the lender has called the loan and you are facing eminent foreclosure.
  Reply to ARLO
Stefan R.
November 29th, 2020

Hello Stefan,

I am not sure what you mean so I will answer several circumstances.

If you mean before you pay the loan off, there is no minimum period you must keep the loan.

The is no prepayment penalty and you may sell the home of pay off the loan by other means at any time without penalty.

However, if you think you will only keep the loan for a very short while, I suggest you consider other loan programs.

The reverse mortgage is meant to be the last loan you will ever need and while many people do wind up moving or paying their loan off for other reasons, if you know you would not keep the loan very long, I would encourage you to look at other options.

If you mean each year and still be within the terms of the loan, the documents state that the home must be your primary residence.

You must live in the property for more than 6 months out of every year. You may not use the home as a rental property when you are not there and the documents state that if you are to be gone for more than 60 days, you need to contact the lender so that they can be sure that the home is properly secured in your absence.

If you mean before you can move out and use the property as a rental, this is never allowed.

The loan would become due and payable as soon as the home is no longer your primary residence.

If you could not repay the loan with a refinance or other funds available to you at that time, the lender would initiate foreclosure proceedings and so you may be forced to sell the home at that time to avoid foreclosure.

If you no longer intend to owner-occupy the home, you need to refinance the loan into a standard or forward loan or sell the property before risking the foreclosure.
Reply to Stefan
Mike
November 11th, 2020

What if your family members decide to leave the house of the reverse mortgage and you still have family that lives there and wanted to still stay there?
Reply to Mike
- ARLO™
  November 11th, 2020
  
  Good Afternoon,
  
  If one of the people remaining in the home are one of the original borrowers on the loan, there is no problem.
  The loan remains in effect for as long as at least one original borrower is still living in the home as their primary residence.
  If all the original owners wish to leave, then the family who want to continue to live in the home need to either have the original owners refinance the loan with new financing, pay off the old loan, or get their family members to sell or gift the home to them so they can pay off the reverse mortgage with a loan of their own.
  Otherwise, the lender will call the loan due and payable and if the owners or current occupants are not ready to take one of the steps mentioned, the lender would begin a foreclosure action on the loan.
  Reply to ARLO
Delmira
October 8th, 2020

Hi ARLO,

Can I downsize with my reverse mortgage? Or move the winter months? I leave two of my boys here.
Reply to Delmira
- ARLO™
  October 8th, 2020
  
  Hello Delmira,
  
  Yes, you can downsize to a new home but that just means that you sell your current home and pay the loan off.
  There is never a prepayment with a reverse mortgage, so you are free to repay the loan and move at any time.
  As for short absences away from the home, the terms of the loan state that the house must remain your primary residence and that you must live in the property for most of the year.
  Therefore, as long as you live in the home for longer than 6 months of each year, you still have all your major accounts (bank, etc) tied to the home and your driver's license and your homeowner's exemption, etc. all show that you live in the home, you can leave the home for the winter months to live in a milder climate.
  If you plan to be gone for longer than 60 days, you should let the lender know of your plans and that the home is adequately secure while you are gone (your sons occupancy in your absence should suffice).
  Be prepared for the lender to order occupancy inspections after the time you are due to return but that should be no problem on a temporary absence.
  Reply to ARLO
Chris
July 27th, 2020

If person who has reverse mortgage moves in with daughter, can they rent the apartment while they are gone?
Reply to Chris
- ARLO™
  July 27th, 2020
  
  The terms of the reverse mortgage require you to occupy the home as your primary residence.
  If you move out of the property, the loan becomes due and payable. You cannot rent the home and keep the reverse mortgage in place.
  You can refinance the loan or sell the property, but you may not live in another location and leave the loan on the property while you do not live there.
  Reply to ARLO
  - Stanley B.
    September 18th, 2021
    
    I was wondering what happens if one spouse leaves the home and separate's but does not divorce and lives elsewhere and the another one stays in the home? I wonder as if they want to try and work things out to be a typical husband and wife again. It seems to me be a better solution and if it does not work then they sale the home to pay off the loan.
    Reply to Stanley
    - ARLO™
      October 8th, 2021
      
      Hello Stanley,
      
      If one of the two individuals on the loan is still living in the home as their primary residence, the loan is still in good standing. The spouse can move back in, and the home can be sold at any time. You always own your home; the reverse mortgage is just a loan like any other loan. You can sell the home any time you choose.
      Reply to ARLO
John T.
May 17th, 2020

If I am approved for a reverse mortgage, how long must I remain in the home if I ultimately decide to downsize?
Reply to John
- ARLO™
  May 17th, 2020
  
  Hello John,
  
  There is never a prepayment penalty and so there is no minimum time you must keep the loan. You may sell the home or pay off the loan for whatever reason at any time without penalty. I would advise though that if you think this might be very quickly, that you consider whether the reverse mortgage is the right loan for you.
  The loan has significant costs that are charged at closing due to the initial mortgage insurance that HUD charges. Even though these are not paid out of pocket and are added to the loan balance, if the loan is used for a short-term financing solution, the cost of the loan goes way up. It is by averaging this cost over many years that makes the loan much more attractive for most borrowers.
  
  The disclosures you receive at application demonstrate this. The TALC or Total Annual Loan Costs will show several boxes that show that the cost of the loan goes down as the years increase.
  It's not that you pay any more or less, it's just that the cost as expressed as a percentage of the amount you borrowed lessens as you spread it out over a longer period of time because it is front-loaded. For this reason, if you think you will only remain in the home for a year, I would definitely encourage you to look at other options before the reverse mortgage as it is not good for short-term financing and was never intended as such.
  Reply to ARLO
Blair W.
May 3rd, 2020

Hello ARLO,

My Grandfather is collecting on a reverse mortgage but has moved out of State and will not be returning to the address the reverse mortgage is written for. He will need assisted living and has fought with our family about getting into the home.

The only way we can force him in without being the "bad guys" is for him to lose his payments from the loan due to him not occupying the house. Who do we need to contact regarding his fraudulent activity? Thank you, this is a very hard thing to do but we have exhausted all other options.
Reply to Blair
- ARLO™
  May 3rd, 2020
  
  Hello Blair,
  
  If you know who the lender or servicer is (who he is getting the monthly statements from), you can contact them and let them know that the home is no longer owner occupied. If not, you could pull the recorded Deed and, on that Deed, there is a HUD Case Number. If you contact the HUD office in the area with the address and the Case Number, they can let the lender know of the status.
  Reply to ARLO
Robert R.
March 9th, 2020

Can an elderly woman get a reverse mortgage who is disabled needs a caregiver every day and supervision?
Reply to Robert
- ARLO™
  March 9th, 2020
  
  Hello Robert,
  Paying for home health care is exactly why some people choose to get the loan. If the borrower lacks capacity though, she will need either a valid power or attorney that had been put in place before the event which caused her to lose capacity or a court ordered conservancy which specifically approves the reverse mortgage.
  Reply to ARLO
David
February 19th, 2020

I have a reverse mortgage and want to rent the home for 3 months while I vacation out of state. Is that OK?
Reply to David
- ARLO™
  February 19th, 2020
  
  Hello David,
  
  You can rent a portion of your home to a border, etc. but under the HUD parameters you cannot use your home for more than 25% "business use". If you were to rent the entire home, you would be using 100% of the home and HUD would not allow this.
  
  Also, the home cannot be used for transient or short-term rentals. This would include AirBnB or seasonal rentals. Again though, if you had a renter who was in a portion of the home that was not a short-term rental, this is perfectly acceptable.
  Reply to ARLO
Roger W.
December 23rd, 2019

With reverse mortgage can we live 3 months out of the country and rent our house while we are gone?
Reply to Roger
- ARLO™
  December 23rd, 2019
  
  Hello Roger,
  Under the terms of the loan, you cannot use the property for short term rental. You may rent out a portion of the property (a room or rooms and an accessory dwelling unit if allowed by local zoning ordinances). But the reverse mortgage does not allow for you to move out for any term and rent the entire dwelling.
  Reply to ARLO
Kathleen H.
December 23rd, 2019

My husband and I divorced after getting a reverse mortgage in both our names. The title is in the family trust. The original lender transferred the loan to a new lender. My ex moved out of state and bought another home and got a reverse mortgage on his new home. Several years later we remarried. He still spends over 6 months in his new home, and I spend over 6 months in the old home. We do a lot of traveling meaning we are gone about 4-5 mo. out of the year.

Now the lender on the first home wants a statement that we must notify them in writing of any absence that exceeds two months which is inconsistent with the original contract.
Reply to Kathleen
- ARLO™
  December 23rd, 2019
  
  Hello Kathleen,
  There is no question here, but I think I see your issue. A reverse mortgage contract requires that you live in a home as your primary residence to follow the terms of the loan. That means a minimum of more than 6 months out of every year and must be the location where you get your mail, do your banking, etc. in other words, where you domicile.
  Even if the first loan was done in the trust, you and your husband are both individually on the loan as well. Now your husband is also on another reverse mortgage in another state and then you remarry.
  Your comments indicate that you both live 6 months in each home and travel extensively, about 4-5 months out of the year. My math gets worse as I get older, but there simply aren't enough months in the year for each of you to live in each property for more than 6 months a year and to also travel 5 months a year!
  I don't know this for sure and it's just a guess, but it sounds like the fact that a married couple has two reverse mortgage loans may have come to light and you may be in the beginning stages of an investigation. Remember that occupancy issues and fraud are the single largest issue with reverse mortgages and servicers/HUD are beginning to look harder and quicker when issues do come to light.
  My suggestion is to seriously consider your circumstances and if you are not able to comply with the terms of the loan on one or both properties due to your lifestyle (travel, desire to split time between states, etc.), consider if the sale or refinance of one or both properties is appropriate before the lender calls the loan or both loans due and payable and you are facing foreclosure.
  If they conduct an occupancy inspection and if either (or both) home is rented or determine that it is not your primary residence, they will immediately call the Note(s) due and payable.
  Again, I have no knowledge that this is happening but based on your comments alone, I think you should seriously consider assessing your circumstances to determine if you are in compliance with the terms of each loan and what you need to do before the lender takes additional steps on their end.
  Reply to ARLO
Tom D
September 6th, 2019

My mother-in-law lived in her home until August, 2019 and has moved in with me and her daughter . Her house is encumbered with a HUD reverse mtg, the balance of which exceeds the value of house. She wants to walk away and to give the house to HUD before the end of Sept. 2019 in order to stop her having to pay any additional expenses relative the property. Can this be done. My mother-in-law is 99 years old, a widow and hard of hearing so she is not able to carry on a telephone conversation. She has no assets and lives on her social security. Any advice you have will be greatly appreciated.
Reply to Tom
- ARLO™
  September 8th, 2019
  
  Hello Tom,
  I do have a couple suggestions. Firstly, if she has a hard time communicating, have her sign an authorization to allow you and your wife to speak on her behalf to the mortgage company about the loan. They cannot deal with you unless they have her authorization so that would help immensely. Secondly, contact them and let them know what it is happening and ask them to accept a Deed in Lieu of Foreclosure.
  The home must be free of other liens and broom clean (meaning free of all her belongings and other debris) but if it is completely empty and has no other loans or liens on it, they can move much more quickly to accept the title. It's still not going to happen in September as they are required to have the property appraised and go through certain channels, but it will go much faster and smoother than if you must wait for the entire foreclosure process.
  Reply to ARLO
Brenda B.
September 4th, 2019

Hi, My Mother-in-law has a reverse mortgage and just recently fell and has had to be placed in a Board and Care Home. We are not certain if she will be able to return to her home but has been out about 1 1/2 months. We are also in the process of getting her Veteran's benefits which should take about 6 months and since Veterans has a 3 year look back period, we cannot do anything with her house until she is awarded her benefits. Once she has her benefits, can my husband and I be quit claimed to the property (have my mother-in-law removed) and refinance the loan with plans to rent it out? The house is in a living trust and has been left to us when she dies anyway. She wants us to keep it and does not want it sold. There is still quite a bit of equity in the house as well. My niece is still living in the house and now paying rent and the utilities, and without my consent found another person to rent out another bedroom. From what I have read from other posts, they should not be living there right? It makes me nervous because the loan is going to be taken over by HUD. Do you have any great advice to give us? Thanks
Reply to Brenda
- ARLO™
  September 4th, 2019
  
  Hello Brenda,
  Your mother in law can be out of the home for up to 12 months for a temporary medical absence. You have a little while yet to determine if she will be able to return. If she is not back within 8 months, you need to ask if she will be able to and if it looks like the answer is going to be no, begin your other plans.
  Yes, she can Deed the home to you and your husband if the trust allows but don't do it too soon as a change of title would trigger the lender to call the loan due and payable. I would encourage you to consult with the estate attorney who set up the trust to ask what can and cannot be done with the change of title. If the trust is revocable, seems that should not be a problem, but I have no way of knowing.
  About the rental of rooms, HUD does allow borrowers to rent rooms so that is not in and of itself a problem. You may have issues with the upkeep of the home, their willingness to leave when you are ready to execute your plan or other problems with the arrangement but as long as your mother in law returns within the 12 months or you make arrangements to repay the loan, the mere fact that they are there is not a problem for the loan.
  Reply to ARLO
Marilyn K.
August 25th, 2019

My sister has been out of her home 2 weeks short of a year in a nursing home and obviously will not be returning. She has a reverse mortgage; her grandson has been living there rent free and her daughter has been using the reverse mortgage monthly money to pay all of the household expenses. Is this legal?
Reply to Marilyn
- ARLO™
  August 25th, 2019
  
  Hello Marilyn,
  Your sister can be out of the home for up to 12 months for a temporary medical reason. If she is not going to return, the loan will now be called due and payable.
  In all honesty, if she is not going to return, it's also in her best interest to sell the home and stop the use of the equity and interest accrual before they burn through any more of her equity. This is especially true if she has equity in the property now and could use that money for current or future care.
  Reply to ARLO
Frank
August 12th, 2019

With a reverse mortgage can you travel to all of your kids and stay with them for months at a time?
Reply to Frank
- ARLO™
  August 12th, 2019
  
  Hello Frank,
  
  The home must be your primary residence. That means that you must live in the property more than half the year, have all your mail delivered there and use it as your permanent address.
  If you travel at time to visit your family for months at a time, that is not a problem if those months don't turn into more than half the year. If you think you want to be gone from them home more than half the time, the reverse mortgage is not the right loan for you.
  Reply to ARLO
Ninia
July 29th, 2019

When you take a reverse mortgage out and terms of the contract say you must live in the home as your primary residence what does that mean. My aunt lives in a care home and visits her home with the reverse mortgage only on Friday to Sunday evening, sometimes Monday morning. She lives at senior care facility because she requires nursing care. Is she in violation of her contract?
Reply to Ninia
- ARLO™
  July 29th, 2019
  
  Hello Ninia,
  
  She is if she does not live in the home for more than half the year. If she is only living in the home on the weekends, then she is away from the home more than she is living in the home and is not in compliance with the terms of the loan.
  More than half the year is typically understood as more than 6 months of the year which allows borrowers with second homes the opportunity to spend time in both homes if they wish so long as the majority of their time is spent in the primary residence with the reverse mortgage. 28 -42% of the time would not keep the lender from calling the loan due and payable if they were to realize she is not living there full time and quite honestly, as her family member, you may want to talk to her about whether this arrangement makes sense economically.
  There are probably costs incurred keeping the home maintained and she might be better off selling the property and stopping the interest from accruing on the reverse mortgage as well. Aside from looking at the cost benefit before the lender calls the loan if they find out, it might help your aunt retain some of the equity in the home by ceasing the interest accrual for just a couple days a week occupancy.
  Reply to ARLO
Dawn L.
May 1st, 2019

I know of someone that has a reverse mortgage on their home. They have moved out and are renting this home. How can I report them?
Reply to Dawn
- ARLO™
  May 1st, 2019
  
  Hello Dawn,
  
  You can contact the HUD office in your area if you feel strongly about it but I do not know how far that will get. Without knowing who the lender is, you would be contacting HUD with no specific information other than a property address and I honestly do not know how actively they follow up on such leads. You can find the HUD Homeownership Centers on their website here: https://www.hud.gov/program_offices/housing/sfh/sfhhocs
  Reply to ARLO
Ed
May 27th, 2018

Unable to live in storm damaged no equity home with reverse mortgage. Can I abandon it?
Reply to Ed
- ARLO™
  May 29th, 2018
  
  Hello Ed,
  There are always repercussions for abandoning homes and letting the property go back to the lender. It could affect your ability to get other HUD programs and certainly another reverse mortgage, but the only security the lender has is the home, they cannot seek repayment from other assets.
  I would strongly suggest that you have the home repaired with your insurance though and continue to live in the home payment-free if at all possible. Have you contacted your insurance company to see how quickly the home could be repaired?
  Reply to ARLO
kimberly
May 25th, 2017

i have an unusual question. i understand principal residency with reverse mortgages, but what if someone is incarcerated for several months or a year, then what?
ohio is where property is located
Reply to kimberly
- ARLO™
  May 25th, 2017
  
  Hi Kimberly,
  
  HUD allows for temporary absences from the home for up to 12 months in accordance with the terms of the reverse mortgage contract. Anything up to that time is allowed and would not be a problem.
  Reply to ARLO
Michal
February 4th, 2017

My husband has passed and I am wanting to move from my home immediately. The original principal Limit was $192,000. The current Total Loan Balance $279,000. I do not think there is any equity in the house. Can I just deed in back to the lender and walk away?
Reply to Michal
- ARLO™
  February 6th, 2017
  
  Hello Michal,
  Reverse Mortgages are non-recourse loans. This means the only thing the lender can look to for repayment of the loan is the house. I would think you would want to be sure that a sale would not be in your best interest by contacting a real estate agent first to determine that there is no available equity upon sale, but once you have made that determination, you can contact the lender and let them know that you must leave the home and make arrangements to do a deed in lieu of foreclosure if you must.
  Reply to ARLO
omar
February 3rd, 2017

I would like to know what is the reason behind that the person has to live in the home when have a RM?. I meant different from the law there are other reasons for that?.Is there any study which support the law?.
Reply to omar
- ARLO™
  February 3rd, 2017
  
  Hello Omar,
  
  The loan is insured by HUD and the risk is determined based on the ages of the borrower(s) allowing them to live in the home for the rest of their lives without having to make a mortgage payment. Many borrowers already outlive their equity and on those loans HUD incurs a loss on the loan for which they must pay a claim. Without the occupancy requirement, the loan theoretically could just continue on without a finalization (there is no set term of 15 or 30 years like a traditional or forward mortgage) and it would not even make sense to have the loan at that point - all would eventually be claims incurred by HUD. HUD is not looking to make any income from the program but certainly does not intend to lose money either - the intent is for the program to be revenue neutral.
  
  Lenders have no more rights than borrowers give them in the legal documents and failure to occupy the property as a primary residence is one of the circumstances upon which the borrower agrees to pay off the loan before the loan is ever consummated. There is no "law" that says that you must owner-occupy a property on which a reverse mortgage has been obtained, that is a provision in the legal documents which you agree to and sign as a borrower so or the lender has the right to call the loan due and payable if you do not do the things to which you previously agreed (like occupying the home). Much the same as you agree to pay your taxes and keep the home insured or the lender can call the loan due and payable if you don't - but that is not a "law" either. These are the terms of the loan and borrowers are free to either accept the loan program as offered, to seek other financing options, or to refuse any loans at all giving no lenders any rights to their home. Therefore, there is no "study" of which I am aware to which I can point you regarding support or non-support for a law that does not exist.
  Reply to ARLO
eddie
February 1st, 2017

What does a co-borrower do when the spouse dies and the home is more than they can take care of so they decide to move out of the home. The home is in a reverse mortgage that the principal owed is more than what the home is valued. What is the procedure.
Reply to eddie
- ARLO™
  February 1st, 2017
  
  Good Afternoon Eddie,
  
  Contact your lender/servicer and let them know that you can no longer maintain the home. They will work with you to sell the home at a market price, even if that price is lower than the amount owed. The loan is a non-recourse loan which means that even if there is a loss on the sale, the lender can only look to the property to repay the debt, they cannot seek any further means of repayment from you.
  Reply to ARLO
Glow
December 31st, 2016

Hello,
I don't mean to sound repetitive, but are all Reverse Mortgages in the state of California written up the same in terms of the Occupant living in their home?
My Mother is 93 years of age and at some point may need to live in a Nursing home...don't know for how long. It all depends on her condition. She's healthy, but definitely up there in years.
Is it true that I won't need to worry about her lender bothering us for at least 12 months? Periodically, they call and send letters asking if she still lives there. I don't want it to be a problem when they do call (at some point) and ask for her and she happens to be in a Nursing home.
I'm her "Power of Attorney" and will sell her home after her passing. Is it correct that as long as I pay back the lender...the rest will belong to my sister and me?
Thanks so much!
Reply to Glow
- ARLO™
  January 3rd, 2017
  
  Hi,
  
  The terms of mom's reverse mortgage are right in her legal documents. She has a Note, Deed of Trust and Security Agreement that lay out the terms of the agreement she has with the lender and her obligations under the loan. The Deed of Trust simply states that at least one borrower must still maintain and occupy the home as their principal residence under Section 4, Occupancy. Then under Section 9, Grounds for Acceleration of Debt, the Deed of Trust spells out this as a reason by which the lender may call the loan due and payable: (b) (ii) For a period of longer than twelve (12) consecutive months, a borrower fails to physically occupy the property because of physical or mental illness and the Property is not the principal residence of at least on other borrower.
  
  The legal documents are the agreement between the lender and the borrower and they give the lender the security interest in the home only up to the point that the borrower agreed at the onset of the loan. In other words, the lender cannot take action if your mom is out of the home for 9 months and then returns to the home - the legal agreement does not allow them to do so. If you think your mom is going to be able to return after some period of time before the 12 month time period, you do not have to worry. But if mom cannot return to the home and is absent longer than the 12 months, the lender can deem it a permanent absence and call the loan due and payable at any time after the 12 months.
  
  My advice is to always have a back-up plan in place. Yes, the equity in the home always belongs to your mom or her heirs if she passes, but you should know what you plan to do before that time comes. If mom is out of the home for 6 months and there is any chance she may not be able to return, it might be a good idea to contact a local realtor and discuss the prospect of a sale if you do not intend to pay the loan off and keep the home yourselves. If you do, you may want to look into the reverse mortgage loan balance and possible financing options so that you know what is open to you before you have limited times to act. Being prepared, knowing your options and having a plan in place before you actually need to use it is very important.
  Reply to ARLO
Rafael H cosme
November 29th, 2015

--The Borrower (74)has a reverse mortgage on a house in which his x-wife, is not a co-borrower.
--The X-wife continued to live in the house after the divorce.
--The X-wife does not want to move and is not able to move due to her financial concerns and her age is 74.
--The x-wife does not pay rent what so ever to the borrower who continued paying the property taxes, the insurance and the utility.
--The Borrower has from time to time returned to the house and lived 2 or 3 months with intervals gone of 3 or 4 months due to incompatibility problems.
--The the borrower's wife is the mother of his various children who demand from the borrower the sustenance of their mother since she has no way to maintain herself.
--What should the borrower do in regards to the REVERSE Mortgage?
--I have been in this dilemma for a few years!
Reply to Rafael
- ARLO™
  December 8th, 2015
  
  Rafael-
  
  I cannot really advise you here. If you have another individual who is living in the home (current spouse or ex-wife) who was not a borrower on the loan and who is not an eligible non-borrowing spouse, then the borrower must keep the home as his primary residence and live more than 6 months a year in the property or under the terms of the loan, the lender can call the loan due and payable. To be an eligible non-borrowing spouse, there are several conditions that must be met under the HUD program.
  
  Based on your description of your occupancy, you do not now meet the occupancy requirements of the loan and therefore, you really should determine if this is going to be a permanent situation before the decision is taken from your hands if the situation ever comes to the lender's attention that you are not living full time in the residence.
  The reverse mortgage documents state that you have a duty to inform the lender if you no longer reside in the home as your full time, permanent residence. The lender's recourse if they find out that you do not is to foreclose on the mortgage. As I stated, I can't advise you what to do, I can only tell you what your agreement with the lender is and their recourse if you do not follow through.
  Reply to ARLO
Molly
October 10th, 2015

I'm in prison. Can they cancel my reverse mortgage
Reply to Molly
- ARLO™
  December 8th, 2015
  
  Hi Molly
  
  I'm sorry to hear that but I guess it depends on your sentence. If you are back in your home within 12 months, then the reverse mortgage terms are met. The terms of your loan state that if you are going to be out of the home for longer than 12 months then the loan will be due and payable. If you return to the home within that 12 month time frame though, then the absence would not trigger a call provision under the terms.
  Reply to ARLO
Janet
April 1st, 2015

My parents live in a reverse mortgage home but now are considering moving near us (from MI TO FL) so we can care for them. My question is: Are there penalties and fees to sell their current reverse mortgage home and if so how are they determined. The home will likely sell for more than the balance due to the lender.
Reply to Janet
- ARLO™
  April 1st, 2015
  
  Hi Janet,
  There is never a prepayment penalty on a reverse mortgage and your parents can sell at any time they choose. The equity in the home always belongs to them so they would simply do the same thing as with any other loan - sell the home, pay off the balance on the loan and keep the proceeds.
  Reply to ARLO
Carolyn Collis
March 28th, 2015

I own a horse farm. I would like to get a reverse mortgage, buy an RV and travel a few months of each year. During my absence, I would need to put a caretaker for the house and animals in the residence. Would this be permitted or would I be in default? Is the RV considered a permanent residence if I traveled in it 8 months and lived at home for 4 months? Please advise
Reply to Carolyn
- ARLO™
  March 30th, 2015
  
  Hi Carolyn,
  Your contract with the lender that delineates your rights and responsibilities are found in the Note, the Deed of Trust (or Mortgage depending on in what state you live) and the Security Agreement. Both the Note and the Deed of Trust state that you will occupy the home as your principal residence and that failure to do so gives the lender the right to accelerate the debt or call the loan due and payable.
  The Note and Deed state that if the home ceases to become your principal residence for reasons other than death and the property is not the principal residence of another borrower or if the borrower fails to occupy for more than 12 consecutive months the loan may be called due and payable. However they do not define a principal residence. That is done in the Security Agreement. The Security Agreement defines the principal residence as the dwelling where the borrower may retain his or her permanent place of abode, and typically spends the majority of the calendar year.
  So the bottom line is that if your home is your permanent place of abode, all your mail, your bank statements, etc. are still delivered to the property and you spend some time traveling (your initial comment is for a few months a year), you are not breaking the agreements of your reverse mortgage contract. Your reverse mortgage does not prohibit you from seeing the country in your motorhome. If the property ceases to become your principal residence though and your "caretaker" is a renter, then you do not meet the requirements in the contract and your lender can require all outstanding sums be paid in full.
  Eight months out of the year in any one year for specific travel would probably be fine, but I would contact the servicing department in advance a let them know of your plans to be sure there was no miscommunication. Being gone eight months out of the year every year would not meet the definition of spending the majority of the calendar year at the residence and I would be concerned at that point that you would have to make other plans for mail, etc as well (such as an off-site PO Box) that would further support the conclusion that the property was no longer your principal residence.
  I included the sections from the Deed or Trust as well as the Security Agreement below. I hope this helps!
  Deed of Trust
  4. Occupancy, Preservation, Maintenance and Protection of the Property; Borrower's Loan Application;
  Leaseholds. Borrower shall occupy, establish, and use the Property as Borrower's principal residence after the
  execution of this Security Instrument and Borrower (or at least one Borrower, if initially more than one person are
  Borrowers) shall continue to occupy the Property as Borrower's principal residence for the term of the Security
  Instrument. "Principal residence" shall have the same meaning as in the Loan Agreement.
  9)
  (b) Due and Payable with Secretary Approval. Lender may require immediate payment in full of all sums
  secured by this Security Instrument, upon approval by an authorized representative of the Secretary, if:
  (i) The Property ceases to be the principal residence of a Borrower for reasons other than death and the
  Property is not the principal residence of at least one other Borrower; or
  (ii) For a period of longer than twelve (12) consecutive months, a Borrower fails to physically occupy the
  Property because of physical or mental illness and the Property is not the principal residence of at least
  one other Borrower; or
  (iii) An obligation of the Borrower under this Security Instrument is not performed.
  1.8. Principal Residence means the dwelling where the Borrower shall maintain his or her permanent
  place of abode, and typically spends the majority of the calendar year. A person may have only one
  principal residence at any one time. The Property shall be considered to be the Principal Residence of any
  Borrower who is temporarily or permanently in a health care institution as long as the Property is the
  Principal Residence of at least one other Borrower who is not in a health care institution.
  Reply to ARLO
Barbara
January 30th, 2015

I have a question regarding a reverse mortgage on my home. I had been diagnosed with CML and had so many medical bills, I had to move in my grandparents house and rent mine to make mortgage payments. Now that I am in remission, I would really like to move back to my home. My question: can I get a reverse mortgage and get it approved and let the couple remain in my home until I am assured of an approval. I cannot afford to even miss one rent payment since I am on very fixed income? After reverse mortgage is approved, I could inform them as I have to give them 30 days notice. I know this is complicated but is a valid question on my part. I so much want to be back in my own home...
Reply to Barbara
- ARLO™
  January 30th, 2015
  
  Hi Barbara,
  I understand your situation but I'm not sure I have the answer you're going to like. HUD simply requires that you are in the home at the time of the application. This alone would not allow you to accomplish what you are trying to do - move back in after a loan approval. Many lenders and secondary market sources ( the places where lenders have to sell the loans ) also have additional requirements that range from 30 to 90 days on top of just occupying at the time of application.
  Without knowing how long you have been out of the property, what information will show on your credit report (where it will indicate you have been living and for how long), I can't say if or how much additional documentation would be required to establish occupancy but establishing occupancy is an extremely important component of a reverse mortgage. I don't want to mislead you but I really am not aware of any lender that would be able to ignore HUD's requirements that you occupy the property at the time of application.
  Reply to ARLO
Steve DeRosa
December 25th, 2014

Can I have a roommate who pays me rent?
Reply to Steve
- ARLO™
  December 29th, 2014
  
  Hi Steve,
  
  This is one area in which HUD had been strangely silent, until the attachment to their 14-22 Mortgagee Letter. In the attachment, HUD does not come out and state that the presence of a boarder is allowed or disallowed "per se", but they do show tacit approval by giving the following definition in 3.55 then go on to indicate how to utilize the income from a boarder for qualifying under the new parameters in 3.56 (indicating that the act is acceptable or the income would not be allowable under any circumstances). Until the new guidelines go into effect with all case numbers issued on or after March 2, 2015, borrowers are not verifying income on most transactions though and so the income verification is not yet an issue, but soon will be, for most transactions.
  
  Reply to ARLO
Mollie
October 20th, 2014

Can you report an owner that rents out their house and they have a reverse mortgage on it? If so, who would you report the information to?
Reply to Mollie
- ARLO™
  October 20th, 2014
  
  Hi Mollie,
  You are right in that reverse mortgage borrowers are required to live in the home as their primary residence as a condition of the reverse mortgage loan. Unfortunately, not all borrowers are 100% honest about their intent to occupy while other borrowers' circumstances change after they obtain their loans forcing them to move. If the lender becomes aware of the fact that the home is no longer owner-occupied, they would most likely call the loan due and payable, requiring the owner to either refinance the loan with another loan type or sell the home.
  Just like other loans, reverse mortgage loans can be transferred or assigned to another lender after they have closed. You can check public records to see who placed the mortgage, but they may not still be the current Note Holder or servicer of the loan. If you live in an area where recorded documents are available to the public, you can search to see if the loan is a HUD Home Equity Conversion Mortgage carrying the government mortgage insurance. If it is an FHA-insured loan, you could try to contact the local HUD office to let them know that the property is covered by a government-insured reverse mortgage and is not owner occupied, but I do not know if they will move very quickly on the information.
  I'm not sure what the motivation for someone else to report a non-occupant reverse mortgage borrower might be. Maybe you don't like the current tenants, perhaps there are issues between you and the property owners, or you just may not like the fact that the borrowers' failure to occupy may cause HUD to create tougher standards for other borrowers in the future that would make it tougher for you or others you know to get a reverse mortgage but it might be difficult to locate the exact party to contact. Speaking just for this company, we do not like to see abuses of the program because it can have negative effects on borrowers who utilize the program legitimately. Whatever your reasons, it may not be as easy as a phone call to complete the notification.
  Reply to ARLO
Jody
September 12th, 2013

I have been renting a home with a reverse mortgage for three years. The owner has been in an assisted living facility since then. I recently received a notice to vacate. I pay a property management company. Is this legal?
Shouldn't the property mngmt co. Have known and not rented it out in the first place? What about my deposit? Shouldn't I get it all back?

Thank you
Jody
Reply to Jody
- ARLO™
  October 8th, 2013
  
  Hi Jody,
  The borrower violated the terms of the reverse mortgage by renting the property. I really don't know what the property management company knew about the existing financing on the home but it is not unusual for property management companies to not only collect rents but to also pay the mortgages, taxes, insurance, etc. I don't know if the property management company is complicit in any way even if they were aware of the reverse mortgage, or if they even know what a reverse mortgage is and that the terms include the requirement that the borrower occupy the property as their primary residence.
  I am not an attorney and cannot give legal advice. I think your rights will boil down to your lease contract and what the terms were for the security deposit and its return when you signed the lease.
  Reply to ARLO
Fouskey
May 1st, 2013

Can a person who has a reverse mortgage live in 2 houses one for 6 months and the reverse mortgage property for 7 months.
Reply to Fouskey
- ARLO™
  May 3rd, 2013
  
  Hello,
  The technical answer would be "yes, you could live in a second home for 5 months out of the year and the property with the reverse mortgage for 7 months (not 6 and 7 as that would be a 13 month year) if it could be clearly established that the property with the reverse mortgage was in fact your primary residence. So the questions would be, 1) whether or not you own both properties now, 2) which one do you now occupy and 3) what is the likelihood that you will continue to occupy it (or move to it if you don't currently live in the property). Underwriting is based on history and likelihood of continuance. If you own both properties now and have always lived in the property that you say is your primary home for more than 6 months of the year, all your mail goes to that address and your autos and bank accounts are associated with that property, then the history and likelihood of continuance is that you will continue to do so. However, if you do not live in the home on which you want to do the reverse mortgage and now you want to use that home as your primary residence, you may have trouble with that request. The lender would look at your history and therefore the likelihood if you were not selling the property is that you would remain living in the home that you always had occupied and would not give you a reverse mortgage on another property.
  Reply to ARLO
Fouskey
May 1st, 2013

Can a person who has a reverse mortgage live in 2 houses one for 6 months and the reverse mortgage property for 7 months.
Reply to Fouskey
- ARLO™
  June 4th, 2013
  
  Good morning,
  Yes, the owner of a property covered by a reverse mortgage can own a second home but you need to be certain that the reverse mortgage is on the primary residence. In your example, you cover 13 months and not 12 but if you live in a home for 7 months out of the year, that is the address to where all of your mail and bank statements are delivered, you have this address on your driver's license and this is the house on which you have a homeowner's tax exemption and none of this exists for the second home, then you have a strong case for primary occupancy. The trouble comes when borrower's claim the second home as their residence on their credit; they use a PO Box for mail so the primary home cannot be ascertained or the other documentation does not support the claims of a primary residence.
  Reply to ARLO
Maya Mills
February 1st, 2012

Can a person who has a reverse mortage sell the house before he/she dies?
Reply to Maya

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