What is a primary residence?
The HUD HECM reverse mortgage, which is the most popular reverse mortgage on the market, requires that the home be your primary residence.
What does that mean? It means that you are to live in that home for at least 6 months and 1 day each year.
How does HUD verify this? They send you a reply card every year by mail to that residence. The card asks if you still live at that residence, and asks you to sign the card and send it back. That’s it. One card a year.
The reason for the term “primary residence”, and the requirement that you live in the home for at least 6 months and 1 year is to make sure that you are not able to get two reverse mortgages on different homes and claim them both as your primary residence.
People also ask me about what happens when they have to go into temporary care for a couple of months. Can they still have that property as their primary residence? Yes.
The program allows you to enter into temporary care as long as you are back in the home within a year. That’s it. You can be gone for as long as you need, as long as it does not exceed one year. Once you are back in your home, everything resets, and you are able to go away again for care as soon as you need it.
Bob
bob@az62.com
www.az62.com
623-214-6663
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