A borrower lives in a nursing home and intends to return to their primary residence, but needs to do some home repairs before moving back to the home. Can the borrower do the reverse mortgage while living in the nursing home (showing proof of their primary residence) and then move back to the primary residence once the repairs are completed?
This would need to be very thoroughly documented. Generally people are living in nursing homes because they cannot live on their own. We would need to get further clarification and documentation that this borrower is able to return to their residence. All borrowers must occupy the subject within 60 days of closing.