Mortgage Refinance|FHA|Rates|First Time Home Buyer

I have asked questions about reverese mortgages on YA for a while

I have received many different responses, who do I believe ?

I CALLED RM’ brokers I have found online and they too give erroneous or conflicting info.

I have been told You must live in the home for more than 6 months out of a year

Then I was told as long as you live in home at least one day out of 365 that satisfies the RM residance rules rules

Then I was told I could NOT get a RM on two different homes followed by another expert telling me I can.

If you are a RM broker and can answer my questions please do so
If not please DON’T BOTHER.

What I want to do is:

REFI my home IN FLORIDA – get $50,000.00 to $60,000.00 cash out ( I have over $100,000.00 in equity ) TO buy a $100,000.00 home IN TN and then get RM’s on both homes – as soon as I would be eligible ( another question I have been given different answers on is — is there a waiting period after buying a home and getting a RM?

A good example is Sami V’ answer

Dolts —

You can only get a reverse mortgage on your primary residence. It doesn’t matter how much time you spend in any home you can only have one primary residence.

If you try to get a second reverse mortgage while you have one outstanding you will be required to pay the first one off.

No waiting period.

There is talk about another 1/2 point cut next week. Based on what happenned this week, I don’t see how we won’t hit a rate in the FOURS for a 30 year FIXED in the next few months. Your thoughts? Oh, and PLEASE no mortgage spammers or delusional Carter 1970′s throwbacks.

yesterday: I can guarantee you that 5.75 is a RIPOFF right now unless you have BAD credit. I’d get out of that now.

Oh its headed below 5% by two weeks…watch…

My husband and I refinanced our home and our credit was pretty bad so countrywide said they would refinance us if we would have everything on our credit report payed off. well that was all well and good and we thought we were getting more cash out to pay other things. We thought our payment was going to be smaller thats what they lead us to believe so when everything was said and done our payments went up $400.00 and now we are trying to figure out how we are going to pay it. And pay our every day bills, food,gas,clothes for 3 children and all three of there b-days are coming up.

WHAT SHOULD WE DO TO GET OUT OF THIS MESS?

BcMessersmith-Burlington,WA

contact the bank/finance company and work it out with them. You normally can refinance before a year, but if you talk to them they may be able to fix it. Even if the difference has to go to a balloon note and then you refinance before it comes. Call your finance company now though.