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Any exception to age qualification for reverse mortgage?

April 26, 2017age answer exception knowledge qualification reverse mortgage Yedda

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Any exception to age qualification for reverse mortgage?

4 Answers

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Robart Luis Posted

The age qualifying for reverence mortgage differs from country to country. Generally person with 55 years and above of age can be eligible for a reverse mortgage. This will help senior homeowners to access some of the equity built up in their home.

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To my knowledge there have been no revisions to the age requirements of a reverse mortgage. You can contact you lender for updates since the landscape of mortgages seem to change daily. Peter T Siekierski Vice President H.I.R.E.

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It’s 62 for FHA-insured Reverse Mortgage programs, and there aren’t any exceptions. However, the age could be less with a proprietary program.

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Age qualifications for reverse mortgages depend on the lender. Most of them require a minimum age of 62, however I had heard of one a few years ago that was qualifing individuals at age 60 for Reverse Mortgages I’m not sure if that company is still around or offering the product anymore. The product was called Simple60. Here’s an article with more information on Reverse Mortgages: http://www.articleinsider.