Can you get a reverse mortgage on a second home?

my mother in law has a cottage on a lake that she doesn't want to sell...but a reverse mortgage would work perfectly.Can you get a reverse mortgage on a second home?
needs to be primary residenceCan you get a reverse mortgage on a second home?
I don't see why you could not get a reverse mortgage on a 2nd home....
I'm not aware of any programs like this, but the market today for mortgages is pretty good, so if it ever was available, now's the time to start looking. I'd recommend contacting a mortgage broker and see if they can find anything. Typically, they are the best at finding unique programs for unique requests like yours. They'll have contact with a wider variety of lenders, and if there is such a thing, they could connect you with one.





Best of luck to you.
In most cases if the loan falls under the FHA programs you can NOT take out a reverse on a second home. I have one lender that will take second homes but it is through one of their non FHA programs. Reverses are all I specialize in. Feel free to email me at bburns@griffinloans.com and we could go over all of the specifics and I will give you a phone number that you can reach me on.
Reverse mortgages loans are available in all 50 states, the District of Columbia, and Puerto Rico. To be eligible for a reverse mortgage loan:





you, and any other current owners of your home, must be aged 62 or over, and live in your home as a principal residence;


your home must be a single-family residence in a 1- to 4-unit dwelling, a condominium, or part of a planned unit development (PUD). Some manufactured housing is eligible, but cooperatives and most mobile homes are not;


your home must be at least one year old and meet HUD's minimum property standards, but you can use the loan proceeds to pay for repairs that may be required; and


you must discuss the program with a counselor from a HUD-approved counseling agency.





So I guess to answer your question, your m-i-l won't be able to do a reverse on her 2nd home but may want to consider doing it on the home she occupies now.