Reverse Mortgage

Since you can only have one primary residence, I'm not sure how you can live in two different places at the same time.. but this is a question you should be asking those professionals associated with the selling and financing.. it's possible they might have a way to go.. but for anyone here to answer your question, they would need access to ALL the details... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

A reverse mortgage will take the first and second lien positions. It is permissible to have a third mortgage, if the lender approves. Your (existing?) forgivable loans would need to subordinate (which is doubtful), otherwise those loans would have to be paid off. Otherwise, the forgivable loans would have to be put on after the reverse mortgage.

Ms. King,How much longer before your five years is up? If you would like a free phone consultation please call me at 800-486-8786 Ext. 702.

You have an unique situation here but this may be a option if these are forgivable loans from a non-profit agency for repairs to the home. I have done several of these type of loans over the past years and have had several agencies subordinate their loans. My suggestion is to speak with the lienholder of those loans and the company that you will be working with. I am located by Sioux Falls, SD NMLS 403695 Phone 605 941 7029 Jake Droge