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cheryljor

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  2. Anyone use Reverse Mortgage/HECM For Purchase of your RV?

    in Beginning RVing

    Posted

    6 hours ago, rockylarson said:

    We took out the HEL in 1999 to pay for a two month tour of Madagascar.  Used it again to buy our motorhome in 2003 as well as our toad.  Then a new roof on the house and a two month tour of New Zealand, Australia, and Fiji. Came in handy for our second toad also.

    Paid it down to zero two years ago but still have the line of credit if need be.  Just about equal to a new Phaeton....just saying.

    However we kept the house and don't intend on selling.

    I don't know how you can sell the house when the bank holds the mortgage on the Home equity loan? 

    I am waiting to see what others have experienced.

    Thank You

     

     

    Congrats! Sounds like you had excellent planning!

  3. Anyone use Reverse Mortgage/HECM For Purchase of your RV?

    in Beginning RVing

    Posted · Edited by cheryljor

    Hello all. Newbie to posting in Escapees forum here. We lived FT in in our 34' fifth wheel 2006-2008, then bought a house and parked the RV. We are retired now and are researching possibilities on purchase of another RV to live in FT again. This time...diesel pusher and sell the house. My question is: has anyone out there utilized a Reverse Mortgage/Home Equity Conversion Mortgage loan (HECM) for purchase to buy their RV, then sell the house? Sounds do-able, but at this point I am hoping to get opinions on the members' experiences on this topic. Thank you in advance!

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