Is your reverse mortgage lender spying on you? What happens when you move with a reverse mortgage?
Or can your children move into property on reverse mortgage when your parent dies?
How does the reverse mortgage lender know if you are still living in the property? The annual notice of occupancy affidavit gets mailed once a year requiring signature and notarization and be sent back to the lender.
If the lender doesn’t receive the signed affidavit back from you, they start to wonder if you have moved or have passed away. There are important owner occupancy rules with not only a HECM reverse mortgage, but also non-HECM reverse mortgages that you need to know prior to getting a reverse mortgage.
First you must live there at least 6 months and 1 day per calendar year. Second, you cannot rent out or AIR BNB your home with a reverse mortgage on your property, however you can rent out rooms as long as you still live there.
There are additional details you must be aware of as well. I originate California reverse mortgages, throughout the state and have done so for well over a decade. I am transparent and explain detailed reverse mortgage facts when it comes to reverse mortgages, they may not be a fit for everyone who is eligible to qualify, but for many people they can be a game changer – when explained correctly and if it fits the family dynamic.
I made a one-minute video on this subject click below to watch.
Is your reverse mortgage lender spying on you? Reverse mortgage facts. (youtube.com)
Feel free to call me, email or fill out the form below to let me know your scenario or if you have any questions on how a reverse mortgage works. I do California reverse mortgages and have been throughout the state for the past 13 years.
Kind regards,
KW