Is it possible to buy a second home in a country with a reverse mortgage in another Member State?

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What keeps me from getting a second home loan? I have some savings.

7 Comments
  1. Reply
    Cold
    April 29, 2011 at 11:10 pm

    Absolutely no problem.
    As long as your income can support both mortgages.
    Even with your down payment, keep some cash aside.
    You never know when you can lose a job, have medical not covered by insurance, or have major car repairs..

  2. Reply
    acermill
    April 29, 2011 at 11:40 pm

    You can certainly do as you desire. However, DO understand that, if you ‘short sell’ your current property, you will NOT qualify for a mortgage to purchase another elsewhere. Any ‘short sale’ will trash your credit and make ineligible for another mortgage loan. You can certainly sell your existing property for less than is owed on same, but you will be expected to pay off the difference between the eventual sale price and what you owe on your mortgage.

    If you do not do so, forget about getting another mortgage in the near future.

  3. Reply
    the kid
    April 29, 2011 at 11:58 pm

    Your massive debt load would prevent you from getting the second home loan. Other than that, nothing.

  4. Reply
    Appraiser guy
    April 30, 2011 at 12:07 am

    You can run but you cant hide

  5. Reply
    Pili
    April 30, 2011 at 12:16 am

    Yes, you can you will have to prove however that you are not going to short sale or foreclose on the first house. I am in the same situation, but I rented out my house, moved into an apt and am in escrow on the second home in another state. I do not want to trash my credit therefore I will rent until things get better, then refinance and hopefully not be so upside down. Good luck and you will need a job at that other state, and show that you can pay for both homes.

  6. Reply
    Zarg222
    April 30, 2011 at 12:59 am

    you need enough income to qualify for that additional mortgage along with any other existing debt you have – if the total loan value of both houses is more than 3 times your annual salary, you are probably NOT going to get approved and 2nd homes / investment properties usually require a 20+% down payment – “some” savings is probably not going to be enough

  7. Reply
    liveinmd
    April 30, 2011 at 1:47 am

    Upside down on your current mortgage is not an issue-property values fluctuate constantly so, unless you are selling or trying to secure a loan against the property, the current market value is irrelevant. As long as you are current on the mortgage payments, the negative equity in your first home will not be an issue. The only impact it will have is that, when listing your current net worth and the value of your assets you would have a decrease.

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