Can A 58 Year Old Get A Reverse Mortgage?
Generally, to qualify for a reverse mortgage you must: be 62 years of age or older. occupy the property as your principal residence, and. have substantial equity in the property or own the home outright.
Do both spouses have to be over 62 for a reverse mortgage?
A reverse mortgage allows homeowners to use the equity in their home to take out a loan, but borrowers must be 62 years or older to qualify for this type of mortgage. ... Some lenders have actually encouraged couples to put only the older spouse on the mortgage because the couple could borrow more money that way.
Feds Move to Protect Some Surviving Spouses of Reverse Mortgage ...
Is there an age limit on a reverse mortgage?
You must be at least 62 years or older– Since reverse mortgages were designed to help seniors age in their homes, this loan is only available to individuals in retirement age.
Understanding Reverse Mortgage Loan Qualifications and ...
Who is not eligible for a reverse mortgage?
No. Home Equity Conversion Mortgages (HECMs), the most common type of reverse mortgage loan, are a special type of home loan only for homeowners who are 62 and older.
Can anyone take out a reverse mortgage loan? - Consumer ...