The reverse mortgage age requirement refers to the youngest age of all property owners. Ownership is defined by the names that appear on the property’s title. If, for example, you are age 62 and the other owner is age 60, then you do not qualify for a reverse mortgage until the other owner attains age 62 , or if the other owner’s name is.
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What is the Minimum Age for a Reverse Mortgage? A reverse mortgage is a federally insured 1 loan for senior homeowners that allows you to convert your home equity into cash without having to make monthly mortgage payments. 2 In today’s world, with seniors struggling to keep up with an increasing cost of living, a reverse mortgage can be an invaluable financial tool.
How Do Reverse Mortgages Work Example A Home equity conversion mortgage (hecm), commonly known as a reverse mortgage, is a Federal housing administration (fha) insured loan 1.. A reverse mortgage enables seniors to access a portion of their home’s equity without having to make monthly mortgage payments. 2 The loan generally does not become due until the last surviving borrower permanently moves out of the property or passes away.
In addition to having sufficient equity, qualifying for a reverse mortgage involves some other factors as well. Under federal law, you – or your spouse – must be at least 62 years old.
There are borrower and property eligibility requirements that must be met. You can use the listing below to see if you qualify. If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender.
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Although the minimum age requirement is 62, the older you are when you apply for a reverse mortgage, the higher the maximum loan amount you can borrow. The Federal Trade Commission points out that if you wait until you get older, typically you will owe less money on your home, which gives you more equity to borrow.
The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.