Reverse mortgages for disabled

Hi Sandra,

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

Finleon

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

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.

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.

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

>>Can I get a reverse mort.

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

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?

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?

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

who are the best lenders for a reverse mortgage

Hi elsie,

It will difficult to say as to who is the best reverse mortgage lender. You will have to get in touch with the local lenders and check out what type of rates and terms they will be offering you. You should go for the one which suits you the best.

>>who are the best lenders for a reverse mortgage

My Bank, Proficio, is the best.

Besides reverse mortgage being for person's over the age of 62 there are some proposed changes that would make reverse mortgage loans more restrictive.

For instance the agency is considering many options, including:
- Requiring that homeowners have a certain credit score or income level to qualify
- Reducing the amount that borrowers can receive from a reverse mortgage
- Restricting what the money can be used for.

[External linking deleted as per forum rules. Thanks.]

I agree with many of the post that have been posted ahead of mine. You may not be eligible for the reverse mortgage before the age of 62. He should also have no outstanding mortgage balances.