Are You Allowed to Rent Your Home with a Reverse Mortgage? | Little Known Facts on Reverse Mortgages

So are you allowed to rent your home with a reverse mortgage?

The answer is no! You must live in the home that has the reverse mortgage for at least 6 months and 1 calendar day per year.

That is the reverse mortgage definition of being owner occupied.

However, one of the little known facts on reverse mortgages is that you can rent out rooms – as long as your home stays as your owner occupied residence.

There are exceptions to this rule, but whatever you do, do not cavalierly rent your home with a reverse mortgage without knowing this rule, it will cause a due on sale event – where the lender demands the balance of the loan to be paid in full immediately.

Here’s a one – minute video where I go a bit further on this subject, Are You Allowed To Rent Your Home With A Reverse Mortgage | Little Known Facts On Reverse Mortgages (youtube.com)

I originate California reverse mortgages and have been for over 13 years. Feel free to call, email, text or click the URL below to fill out a brief form explaining your situation Thanks for watching! 805-276-1942 https://www.californiareversemortgage.biz

Thanks for reading this!

Kind regards,

KW

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This information is not intended to be a substitute for legal, tax or financial advice. Consult with a qualified attorney, accountant or financial advisor for additional legal or tax advice. These materials are not from HUD or FHA and were not approved by HUD or a government agency.
* There are some circumstances that will cause the loan to mature and the balance to become due and payable. The borrower(s) must continue to pay for property taxes and insurance and maintain the property to meet HUD standards or risk default.. Credit is subject to age, minimum income guidelines, credit history, and property qualifications. Program rates, fees, terms and conditions are not available in all states and subject to change.

Kevin Walton

NMLS #245923
Phone: (805) 276-1942
C2 Reverse Mortgage Corporation
12230 El Camino, Suite 100, San Diego, CA 92130


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Kevin Walton, Residential Mortgage Loan Originator, NMLS #245923 // C2 Financial Corporation NMLS #135622 
Kevin Walton, Residential Mortgage Loan Originator, DRE #, 01453270//C2 Financial Corporation DRE#, 01821025 
Corporate: 858-312-4900 // www.c2financialcorp.com/  
[email protected]

Kevin’s cell: 805-276-1942

This licensee is performing acts for which a real estate license is required.  C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025: NMLS # 135622.  Loan approval is not guaranteed and is subject to lender review of information.  Loan is only approved when lender has issued approval in writing.  Specified rates may not be available for all borrowers.  Rate subject to change with market conditions.  C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender.  The services referred to herein are not available to persons located outside the state of California. 

As a broker, C2 Financial Corporation is NOT approved by the FHA or HUD, but C2 Financial Corporation is allowed to originate FHA loans based on their relationships with FHA approved lenders.

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