Posted on: 10th Sep, 2009 09:04 am
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.
the minimum age requirement is 62 for a reverse mortgage.
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...
i thought of suggesting that also, but demurred. depending on the actual need, it might be a valuable idea.