One of the terms of a reverse mortgage is that the mortgaged home must be the primary residence of the borrowers. This means that you have to live there for at least 6 months out of the year, every year. Since people generally do not spend this much time in their vacation homes, I will assume that you cannot get a reverse mortgage on your second property. If for any reason you spend 6 months or longer in your home in New Mexico, then you will be able to reverse mortgage this home.


Because of your circumstances, I would suggest speaking to one of our Reverse Mortgage Professionals in order to figure out if you qualify for a reverse mortgage, and more importantly, if a reverse mortgage is right for you and your lifestyle.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.