Question: Reverse home mortgage age requirements !?

(Posted by: girl_brunette_brown_eyes on 2010-07-17 19:24:01)

Myself and my husband are thinking of applying for a reversed home mortgage but I read that the home owner has to be 62 years of age or older.My husband is over 62 but I won't be 60 until this fall. Does anyone know if the age of 62 years to be considered for a reverse home mortgage is only for one person or if the person's spouse also has to be 62 or over? I can't find this out online and am hoping that maybe someone who has this loan can tell me. Thanks !

Posted by: Glenn S on 2010-07-17, 19:44:52

At least 62 years old......These mortgages are not the best and the costs and fee's seem to me be excessive, but they meet the need of some seniors that have limited monthly income.

Posted by: prosey on 2010-07-17, 19:55:00

You, and any other owners of your home, must be aged 62 or over and live in your home as a principal residence. (etc.) see page 8 of this guide developed by AARP. I use this a lot in my work. jdreversemortgage.com/ pdf/ Home_Made_Money.pdf