[SwollX]

Scenario: You have a reverse mortgage on a house. Your health has decreased to the point you can no longer live in the house. You plan to live with your children under their care. Can you rent the house out while under a reverse mortgage? Additional Info:As I understand a reverse mortgage, it does not have to be payed back unless you sell the house or you have died. The house in question in this economy will be pure luck to sell and will not be able to sell for even half of what its worth. Not a feesable option.Thanks for the input!

[jacobbon]

In a reverse mortgage, also known as a conversion mortgage, the home is used as collateral to get cash. This is similar to a standard mortgage, but with a reverse mortgage the homeowner doesn't need an income to qualify and there are no monthly loan payments.
With a reverse mortgage, the loan and the interest on the loan are paid off when the property is sold.