Hello Doug,

I hope you’re doing well. I wanted to clarify the primary residence requirement for a reverse mortgage, as it’s an important factor in determining eligibility.

A primary residence is defined as the home where you live for more than six months of the year. If you spend most of the year in Arizona but travel in an RV for the remainder, you may still qualify—provided your Arizona home meets HUD’s occupancy guidelines.

Key Considerations for Establishing Primary Residency

• Your driver’s license, tax returns, and bank statements should reflect your Arizona address. If these documents list a South Dakota address, it could create challenges in proving Arizona as your primary home.
• If you rent out the property while traveling, it would not qualify for a reverse mortgage, as the program is strictly for owner-occupied residences.
• If you are away from the home for more than six months per year, you would not meet the loan’s occupancy requirements.

What Happens If You Travel?

You can still travel while holding a reverse mortgage, but you must be able to prove that the home remains your primary residence. Lenders may conduct occupancy checks, and failure to meet the requirements could result in the loan being called due and payable. If the loan is not repaid, foreclosure may follow.

If your Arizona home is currently classified as a second home or rental, you may want to take steps to establish full-time residency before applying for a reverse mortgage.

Let me know if you need further clarification, and I’d be happy to help.