Would we get a reverse mortgage?

the youngest borrower must be 62 years of age, so you've got at least a few months to go before you'll qualify.

Yes, you will be qualify for reverse mortgage but second borrower must be 62 year old. You must have to wait until second borrower becoming 62 year old.

Thanks.

only one owner needs to be 62 - you can get the reverse mortgage now if you'd like, but it's not recommended. the only time you should do something like that is to avoid a catastrophe, for example, foreclosure.

there's a special procedure to follow if only one homeonwer is 62 or over, and you'd want to refinance when the other homeowner becomes 62, so both can be on title. that'd result in having to pay the loan fees again (although fha's insurance is prorated, and sometimes the origination fee too).

raymond, i'm glad you provided the caveat about it not being advisable except in dire circumstances. thanks.

Actually, I have ran into this situation many times. I believe this situation requires caution, however many homeowners in this situation will tell me they have a great life insurance policy to help the younger spouse should the older spouse pass away before the younger.

Others may tell me they want to make payments on the reverse mortgage to keep the balance the same. Refinancing the reverse mortgage is an option but is not 100% necessary depending on the situation.

Also, being that proceeds have been reduced 10% recently and maybe reduced again, getting a reverse mortgage now maybe a very good idea.

Best Regards,