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Do you have to be 62 years old to get a Reverse Mortgage

by bprigl_536_295 from Coeur D Alene, Idaho. Apr 11th 2013 Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,707 contributions

Yes.. if your married, then at least one of you will have to be 62 or older... I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Apr 11th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Evening. I would suggest that you visit the HUD Website to see the requirements for obtaining a Reverse Mortgage. The link to use is here: http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/hecmabou or just type in the following to a Search Engine to find this same information: FHA Reverse Mortgages (HECMs) for SeniorsGood Luck!

Apr 11th 2013
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Ron Pippin (RonPippin)
#26 ranked lender in Utah - 158 contributions

yes. the minimum age to get a reverse mortgage is 62 for anyone that will be on the loan.

Apr 11th 2013
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Ken Burrows (mortgagesforamerica)
#19 ranked lender in Nevada - 572 contributions

Yes you do. Let me know when you are 62 if you are not. I grew up in Lewiston, ID. Not to far from you. ken@mortgagesforamerica.org - P: 888-320-7888 - Ken Burrows

Apr 11th 2013
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Charlie Sparks (CharlieSparks)
#9 ranked lender in New Mexico - 397 contributions

Yes, 62 is the magic age for a reverse mortgage. If you are married and one spouse is 62 you can proceed as long as the younger spouse isn't on the loan.

Apr 11th 2013
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Dave Metsker (DaveMetsker)
#37 ranked lender in Oregon - 2,317 contributions

Someone on title, who lives in the property, must be over 62. If a relative over 62 lives in the property, contact me at 503-620-2239.

Apr 11th 2013
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Joe LaVallie (joe.lavallie)
#68 ranked lender in Washington - 125 contributions

Thanks for your question. Yes, the youngest borrower in a Reverse Mortgage must be 62 or older to be on Title in a Reverse Mortgage. It's NEVER a good idea to do the Reverse and leave the other spouse off Title as it puts them in a very bad position if the spouse on Title passes and there is NEVER any guarantee that the spouse off Title can be added to the Reverse when they turn 62.I'm with HomeStreet Bank and we do loans in Idaho. If you have any other questions free to contact me at:Dennis LuschenReverse Mortgage Loan Officer22001 66th Ave. WestMountlake Terrace, WA 98042NMLS ID: 85848Office 425-678-7614 | Toll Free 888-796-5944 | Cell 206-861-2830| Fax 206-621-3327 dennis.luschen@homestreet.com | www.homestreet.com

Apr 11th 2013
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Raymond Denton (Raymond)
#11 ranked lender in Ohio - 224 contributions

Yes. If one spouse isn't 62, it's referred to as a "non-borrowing spouse", and beginning February 1st, only one Investor accepts that combination.

Apr 12th 2013
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You, and any co-borrowers, must be at least 62 years of age and should either own your home free and clear or have a low outstanding mortgage balance that can be paid off at loan closing with proceeds from the reverse mortgage. Your home must be a single-family residence or two- to four-unit dwelling. Condominium units are eligible in approved developments. You also must agree to accept mortgage counseling from a HUD-approved counseling agency. And family members are strongly encouraged to attend these counseling sessions and any meetings with your lender. More at http://www.reversemortgagelendersdirect.com/.

Apr 25th 2013
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