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sandrasevans · Joined: 01 Nov 2006 Posts: 1 1.33 Dollars($)

can I get a reverse mortgage and not be 62 but I'm disabled

Guest

Hi Sandra,

Sorry hear about your disability. But I am afraid the reverse mortgage programs are for seniors aged 62 or more only.

Finleon

jameshogg · Posted: Wed Nov 01, 2006 12:51 pm Post subject:

Hi Sandra,

I too agree with Finleon that only if you were 62 or more, you would have qualified for a reverse mortgage.

If you want some more information on reverse mortgage loans then you can go through this article.

Thanks
James

raymond · Posted: Sat Oct 10, 2009 9:28 am Post subject:

It depends on the lender. With FHA-insured programs the answer is "no". However, a proprietary Reverse Mortgage may reduce the age. The lowest I've seen is age 60. Unfortuantely, there aren't any proprietary programs available today ... they all went away because of the mortgage crisis. But they'll be back again in the future, and when they come back we'll be able to offer Reverse Mortgages for folks under 62 again.

dollylee9 · Joined: 19 Jul 2009 Posts: 63 -0.14 Dollars($)

To qualify for a reverse mortgage as mentioned above, the borrower must be at least 62 years of age and should have little or no outstanding mortgage balances. The equity available is based on the homeowner age and the value of the home.

Guest

I'm in Maple Shade NJ.Been disabled on premanent SS sionce 1991,Age 59.House & property , owned.No mortgages or loans.My SS income is $1,000.00 a month, prop. & water taxes are $550.00 a month.Can I get a reverse mort.If not I lose my house that I've lived in since 1961. Junior

raymond · Posted: Fri Dec 24, 2010 10:52 am Post subject:

>>Can I get a reverse mort.

No. HUD is inflexible in that area, and everybody on Title must be at least 62.

Guest

I printed out a form from RM site which states that according to info on a rev. mort. application,the secetary can decide on an earlier age. Thanks , Junior So if its no , what can I do to save my home?

raymond · Posted: Fri Dec 24, 2010 12:01 pm Post subject:

I've never heard of that form before - is it a goverment form? Can you share it with us? If it's a HUD form, the reference number of the form will be listed in the lower right corner. Or you can point us to the website you visited.

Does the form say the Secretary can decide on the age for an individual, or for the entire program?

Guest

It says if near the age of retirement,you (individual)might be eligable,as the "secretary will decide if your age is close enough. I became disabled with a broken back in 1991,I turned 59 on 9/5/10.So its an indiviual thing not a group/program rule.I'll have to researh the site,then send it to you.Thanks , Junior

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Reverse mortgages for disabled