Posted on: 20th Apr, 2009 09:57 am
I am trying to get my father lined up with a reverse mortgage - I have found some information indicating there (was) a program that allowed for a reverse at age 60? My father will not be 62 for another 10 months. He will need a reverse that gives him at least 50% ltv to come over the top of an existing HELOC. The property is in Albany county, NY. Any current programs or contact info for when he turns 62 would be appreciated. I had also been told in the past some programs allowed you to get a reverse a few months early, but I do not recall who told me that. He has a small house and it sits on 7.4 acres of land - the land is likely as valuable as the house if not more - I am also looking for a lender than would give fair valuation to the land. Thanks
check with Wells Fargo. I did one in New Jersey about 3 years ago..piece of cake.
lenders do not value land. reverse mortgages are available for those 62 and over.
"Simple 60".As they said there "was".They still may but they named it "simple 60".
your father has to be 62 years old to qualify for reverse mortgage.... I never heard or seen someone doing reverse mortgage at an age less than 62....