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Jo Asked:

Can you have a business in a home that has a reverse mortgage on it? JJ

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4 Answers

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rainmand Answered:

What type of business? The answer is "yes" if Mom uses the home for producing custom quilts, as long as the home is her primary residence.

Posted 2 years ago

Reverse Mortgage Specialist

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Bapi Answered:

Yes, definitely you can start a business from a reverse mortgage home too as far as you set up every thing in the right way.

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Posted 2 years ago

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zmonique2007 Answered:

Yes, as long as you own a home and have enough equity in your home, you can get a reverse mortgage. There are no special income or medical requirements.

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Posted 2 years ago

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Larry Answered:

I don't understand some of the answers some people are providing you. They miss the point of your question. A reverse mortgage has nothing to do with the use of your home. With a reverse mortgage, you are draining the equity you have in the property by regularly increasing the loan amount against it. Whether you live in it or use it to house a legitimate business should not be a deterrent. My sense, however, is that since you are making another party an ever-increasing owner, there probably are restrictions against doing"waste" to the property. Go to a lender and read the provisions and restrictions in the documents a borrower must agree to. It should be plainly obvious what you can or can't do.