Forgotten Your Password?

Need to Register?

Question Icon

getting reverse mortgage hecm with grandson living at home

my wife just turned 62, at which point we planned to look at the fha hecm option, but we now have our little grandson living with us. we are both retired and have savings but planned to live off the reverse funds. can we still do that with a 16 year old around? he will be leaving by 18 for college by kateloma94378398 from Bloomington, Texas. Nov 20th 2014 Reply


Gilbert Barteau (gbarteau)
#102 ranked lender in Texas - 41 contributions

Hi. Yes, you can absolutely get a HECM loan with your grandson living in the home with you. As long as he is not on title to the property, his presence does not have any impact on your qualifications for the loan. I specialize in FHA reverse mortgage loans in Texas. Call me or e-mail if you would like more details or a HECM quote. Gil Barteau 214-360-9991 gbarteau@americashloans.com

Nov 20th 2014
2
0
Bert Carpenter (BertCarpenter)
#1 ranked lender in Arizona - 1,845 contributions

In a reverse mortgage, all "owners" must be 62 years old or older. The age of the occupants does not factor into the qualification, only the age of the owners. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ Licensed in Arizona (AZLO0911876 / AZBK0902429), Washington (WALO40586 / WACL3087) and California (CADOC40586 / CAFLL6036566). We are licensed by the CA-DBO under the CFLL and CRMLA. Loans made or arranged pursuant to CFLL or CRMLA license. ~ www.LoansA2z.com ~ 888-889-9950

Nov 20th 2014
2
0
William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,727 contributions

If your wife applies for the mortgage in her name only, it's not a problem.. If you wish to be on the loan, you also must 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. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Nov 20th 2014
2
0
Dave Metsker (DaveMetsker)
#36 ranked lender in Oregon - 2,317 contributions

Sorry, William Acres, on August 4, 2014 , the program was changed to allow for a spouse as young as 18 years of age. The line of credit option may be your best choice. Younger members of the household are not a problem.

Nov 20th 2014
1
0
Huntington Beach Branch (connelly.gloria)
#407 ranked lender in California - 5 contributions

Yes you can still do a reverse mortgage. As of Aug 1 2014 only one borrower needs to be 62. However the amount of funds available will be based on the younger age. If you have additional questions please call me, Gloria Connelly 714 6550486 NMLS 241475, gconnelly@afncorp.com

Nov 20th 2014
1
0
Jericho Cherry (Jerichocherry)
#56 ranked lender in Virginia - 1,107 contributions

The simple answer is yes you can.

Nov 20th 2014
1
0
Sara Deere (Mortgagequeen2)
#16 ranked lender in Missouri - 597 contributions

A couple other people who answered your question stated correctly. Earlier this year the rules change, and only one borrower --one owner has to be 62 years or older to obtain a HECM. Open Mortgage is headquartered in Austin, TX, and the CEO of the company just published a book all about reverse mortgages. Open Mortgage has their own reverse mortgage divsion to help any borrower throughout the entire process.

Nov 21st 2014
0
0
Subscribe to our news feed.