Posted on: 06th Nov, 2008 06:36 pm
my spouse and i are both on the loan for the house but she is 56 and im 62 does that mean we cant be approved for a reverse loan because we both arent 62 or older??..and if that is true is there any way to get around that.
Hi thomassandoval!
Reverse mortgages are given to people who are 62 years or more of age. In your case, both of you will not be able to get the mortgage. However, you can get a reverse mortgage provided the property is in your name. Your spouse can quitclaim the property in your name and then you can easily get a reverse mortgage.
Thanks.
Reverse mortgages are given to people who are 62 years or more of age. In your case, both of you will not be able to get the mortgage. However, you can get a reverse mortgage provided the property is in your name. Your spouse can quitclaim the property in your name and then you can easily get a reverse mortgage.
Thanks.