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I am 57, can I get a reverse mortgage or something similar. I own my home (no mortgag) and the approx appraised value is $700,000.

I am 57 yrs old and want to know If I can apply for a reverse mortgage or any other mortgage vehicle that works similarly. I own my home (no mortgage) and the approximate appraised value is $700,000.

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

the minimum age requirement is 62 for a reverse mortgage.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:11 | Post subject:

JKennedySLG's picture
JKennedySLG | Joined: April 1, 2009 08:07 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

You may pull some cash-out of the property now to assist you in paying your bills to hold you over until you are eligible for a reverse mortgage. I hope this helps...

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:11 | Post subject:

gmakerley's picture
gmakerley | Joined: November 9, 2007 07:36 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i thought of suggesting that also, but demurred. depending on the actual need, it might be a valuable idea.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 02:11 | Post subject:

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