Home Loans Austin

how old to qualify for reverse mortgage

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Reverse Mortgage Eligibility. The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity. If you have a history of late or outstanding payments on credit card, mortgage or other loan accounts, this can affect reverse mortgage eligibility.

Virendra Sethi, head of mortgage and retail asset of Bank. loan rate to repo rate-based rate, but she cannot reverse the.

To qualify for a home equity conversion mortgage, the most common type of reverse mortgage, you must be at least 62 years old and either.

Aside from age, there are a few other requirements for taking out a reverse mortgage, including: Your home must be your principal residence, meaning it must be where you spend the majority of the year ; You must either own your home outright or have a low mortgage balance.

Who can I talk for more advice about. to find a qualified mortgage counselor.