You Must: Be at least 62 years of age You must live in the home as your primary residence. A reverse mortgage cannot be used for a second home or investment property.
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Reverse mortgages can use up the equity in your home, which means fewer assets for you and your heirs. Most reverse mortgages have something called a "non-recourse" clause. This means that you, or your estate, can’t owe more than the value of your home when the loan becomes due and the home is sold.
As long as those requirements are met, your residence may be eligible for a reverse mortgage. 5. When it comes to age of eligibility, there are exceptions to the rule Recent changes to the rules.
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Reverse mortgages are only available to homeowners age 62 or older. If you’re married, this requirement can be met by either you or your spouse. If you’re disabled and collecting Social Security disability insurance, this doesn’t change the rules — you or your spouse must still be at least 62 years old.
1 About this discussion guide This guide gives an overview of many key concepts of reverse mortgages. A qualified reverse mortgage counselor can help you
General Requirements You must be at least 62 years or older – Since reverse mortgages were designed to help seniors age. You must own your home – You must be on title of the home. Your home must be your primary residence – Again, because this loan was meant to help seniors stay. You must.
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Reverse mortgages allow homeowners 62 years or older to get a loan backed the equity in their home without having to make monthly payments on the loan. With a reverse mortgage, the lender doesn’t.
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To be eligible for a reverse mortgage, otherwise known as a Home equity conversion mortgage (hecm), the borrower or borrowers must be 62 years of age or older. While this is a pretty straightforward rule, many borrowers find it confusing when more than one borrower is involved such as a married couple.
In General, To Be Eligible For A Reverse Mortgage The Youngest Homeowner Must Be 62 Years Old Or Older And Have Sufficient Home Equity. Calculator Estimate Eligibility