Many seniors have fears about getting a reverse mortgage loan. For one thing, they’ve heard about the reverse mortgage fraud that’s happened to others. And for another, they worry that they will have to stay in their homes for the rest of their lives or risk losing the house. Neither of these things has to be true if you get a good reverse mortgage loan.

One alternative scenario is that you get a reverse mortgage that provides you a lump sum of money to invest in a new house. As long as you keep the original home as your primary residence, you can use that money as a down payment on a second home. So, if you wanted to keep your home in Vermont but work with a FL custom home builder to get a new vacation home, you could do it.

The loan would be from a lender in your area that you researched in advance to assure the safety of the loan. Once the loan was complete, you would use the money to pay the custom luxury home builder in FL. If you can get enough from the reverse mortgage, you won’t have to pay anything else to the luxury home builder in FL again. And you won’t owe anything on your original home either. That’s two homes for the price of one; who is going to complain about that?

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