There are risks to taking out a reverse mortgage if your spouse is under 62 years old. By Amy Loftsgordon, Attorney. Question. I am 65 and my wife is 40. We have paid off a significant portion of our regular mortgage so we have quite a bit of equity in our home. Can we get a reverse mortgage?
The new HECM reverse mortgage allows for seniors to get a reverse mortgage loan even if their spouse is under the age of 62. As long as one of the borrowers is over the age of 62 the other homeowner will be considered a non-borrower spouse and the deal may be approved.
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A reverse mortgage is a loan for homeowners 62 and older that uses the home’s equity as collateral.. A reverse mortgage should always be in both spouses’ names. When one spouse is under.
Besides reverse mortgage being for person’s over the age of 62 there are some proposed changes that would make reverse mortgage loans more restrictive. For instance the agency is considering many options, including: – Requiring that homeowners have a certain credit score or income level to qualify
I am age 62 but my wife is not. We are separated and my home is in my name only. Do I qualify for a reverse mortgage? I am 62, my wife is 28 and she is not living in the home as we are separated. Do I qualify for a reverse mortgage? There is no mortgage on the property and the home is in my name.
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Non-borrowing spouse can be under 62 years of age as long as the other borrower is over 62. The amount of funds available is based on the age of the younger borrower. The older one is, the more equity is available under the HECM reverse mortgage.
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Borrower Requirements and Responsibilities. Age qualification: All borrowers listed on title must be 62 years old. If one spouse is under 62, it might be possible to get a reverse mortgage. However, the loan officer will need to collect additional information upfront to determine eligibility.
A reverse mortgage, also called a home equity conversion mortgage (HECM), lets seniors who are at least 62 years old access the. you should thoroughly understand reverse mortgage disadvantages and.