Housing
Who Can Live in the Home with a Reverse Mortgage?
Will my partner, family members, or dependents live in my Keizer OR property if I have set up a reverse mortgage? Answer: Provided that you still live in the property, a reverse mortgage does not change who can reside with you. Virtually all reverse mortgages available today are Home Equity Conversion Mortgages (HECMs). The Federal Housing Administration (FHA), a part of the Department of Housing and Urban Development (HUD), insures HECMs. If you still live in the property, using a HECM won’t change who can live with you. But, in the event you die or vacate the property, those who reside with you may not be able to carry on…