Can I Get a Reverse Mortgage on Two Homes (loan, loan, banks)

[thrillobyte]

Across street from each other. I don't want to sell one as each has desirable features but I don't want to die equity rich either. I'd like to fix up a bedroom in each, declare both my residence, and just "commute" from one to the other. I have no dependents or children to worry about. I just need the income from the reverse mortgage to see me through my retirement (I'm 58 now--won't qualify for reverse for 4 years) and if the banks get them after I'm gone I couldn't care less. Can it be done, does anybody know? Both homes paid off, BTW.

[VictorBurek]

You will not be able to claim both as a primary residence. You could access the equity with a home equity loan but you would have to make payments.

[thrillobyte]

yeah, exactly what i don't want to do--make payments. Any other options available to me to tap equity w/o making pymts in my lifetime? Thank you, BTW

[makeyes]

You can only take out one reverse mortgage at a time because it is based on a primary residence rule.

You will want to use the more expensive house for your primary if possible so you can get more access to equity. However, another consideration: which one has a lower loan balance?