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Reverse mortgage

Do you have to be a senior over 55 to qualify for reverse mortgage? I am 47, retired, fixed income SSI of $6,000/month and credit score is 620. Thank you. by twoflower89 from Prescott, Arizona. 14 days ago Reply


William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,558 contributions

More info needed,, Are you looking to buy? Or refinance your existing loan into a reverse mortgage? Regardless, to qualify for a reverse mortgage, the oldest borrower (you or your spouse?) must be 62 or older. However, you can qualify for a regular mortgage if you are looking to buy.. FHA has very low down payment requirements. With FHA, they go down to scores 580 or even lower, and they don't raise the rate that much because of the lower scores. If you have 5 minutes, feel free to reach out to me, I'd be glad to assist or at least look at your scenario and let you know what you can qualify for. If you buy now, then once you hit 62, and assuming you have sufficient equity, you can refinance into a reverse mortgage then. I'm a preferred Lender with California and Arizona being my primary markets. 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 NMLS# 226347 / LendUS, NMLS 1938/ AZMB0121893

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