Posted on: 26th Aug, 2008 06:55 am
we are just thinking about this
Welcome,
You don't give any details but when you ask if both people have to be 62 it sounds like you are talking about reverse mortgages. If so, the answer is no.
To learn more about reverse mortgages visit the Department of Housing & Urban Development (HUD) site at http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
They even offer further information on how to gain more information!
You don't give any details but when you ask if both people have to be 62 it sounds like you are talking about reverse mortgages. If so, the answer is no.
To learn more about reverse mortgages visit the Department of Housing & Urban Development (HUD) site at http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
They even offer further information on how to gain more information!
All people on title must be 62 or older to qualify
You can simply quit claim one off if they are not of that age yet.
Do you have at least 1/2 the value of the home in equity?
At the young age of 62 it will take a lot. I am not sure but I think they calculate those out to a life expectancy into the mid 90's. That means the interest gets rolled in every month for a LONG time thats the reason for the need of equity
You can simply quit claim one off if they are not of that age yet.
Do you have at least 1/2 the value of the home in equity?
At the young age of 62 it will take a lot. I am not sure but I think they calculate those out to a life expectancy into the mid 90's. That means the interest gets rolled in every month for a LONG time thats the reason for the need of equity
