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I AM 62 WILL BE 63 IN OCT. WIFE IS 60 WILL BE 61 IN SEPT. ARE WE ELIGIBILITY FORREVERSE MORTGAGE.

by jgdqpc933 from , California. Mar 22nd 2014 Reply


Colette Gray (ColetteAGray)
#856 ranked lender in California - 2 contributions

Hello, both borrowers will need to be 62 to do a reverse mortgage. There are other factors as well and alternatives. If you would like more information, please contact me at info@TheReverseMortgageGuide.com and I will be glad to speak with you, or call me at 310-405-1703 for a quick response.Warm regards,Colette Graywww.TheReverseMortgage Guide.comNMLS #384761

Mar 22nd 2014
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Michele Kole (MicheleKole)
#860 ranked lender in California - 9 contributions

Good morning! Unfortunately not as the youngest borrower must be 62 at this time. There is word in our industry that in the future we may be allowing a "blend" of ages to accommodate couples where one is under 62. The industry does not want a non-borrowing spouse to have to pay off the reverse mortgage if the other spouse dies or has to move out of the home. Which currently would be the case. If you have more questions, please contact me at michele.kole@lhfs.com or call 858-344-5998. Thank you, Michele Kole, Golden Equity Mortgage, the reverse mortgage division of Land Home Financial Services, NMLS#248631

Mar 22nd 2014
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Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#77 ranked lender in Florida - 2,239 contributions

Both have to be at least 62 to do a reverse mortgage. There are some alternatives but you should speak to a local broker about your options.

Mar 22nd 2014
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Nelson Otero (FirstAllied)
#831 ranked lender in California - 6 contributions

Actually, there is a way to do a reverse mortgage for you. Please contact me at 714-373-5700 for details. Nelson Otero, First Allied Financial Services, Inc. CalBRE #01167744, NMLS #265076

Mar 22nd 2014
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Pete Bass (PeteBass)
#31 ranked lender in Connecticut - 476 contributions

Both of you will have to be at least 62 for a reverse mortgage-

Mar 23rd 2014
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,486 contributions

Once you turn 62, you will be eligible.. your wife, however, cannot do a reverse mortgage until she turns 62. In order to do it while you're 62 and she is 60, then she would have to "quit claim" the property to you and she would have no ownership rights to the property whatsoever.. this is very risky because if you pass away before she is eligible for a reverse mortgage, then she would lose the home in the event of your death... Most loan officers and financial planners would advise against this.. it's best you wait till you are both 62 and then apply to preserve your estate.. 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

Mar 24th 2014
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