There are 2 structures on my lot. I rent the larger one to others & live in the smaller one. I have been told that I will be required to live in the larger one for a reverse mortgage. Could that possibly be a HUD requirement? I would like to get a copy of HUD's written regulations or law or whatever such a document might call to give to my lender. Even a citation to where such a law appears would be better than nothing. Since the government is partially shut down, I cannot call HUD for help. Could you please provide a citation or a copy of the actual law? It will make a great difference for me. Thank you.
M. Bursak on 01.24.2019
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Michael G. Branson, CEO of All Reverse Mortgage, Inc., and moderator of ARLO™, has 45 years of experience in the mortgage banking industry. He has devoted the past 20 years to reverse mortgages exclusively. (License: NMLS# 14040) |
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All Reverse Mortgage's editing process includes rigorous fact-checking led by industry experts to ensure all content is accurate and current. This article has been reviewed, edited, and fact-checked by Cliff Auerswald, President and co-creator of ARLO™. (License: NMLS# 14041) |