Posted on: 29th Jan, 2013 01:15 am
Hi there… Mother quitclaimed house to her son and daughter as joint tenants few years ago. After that mother passed away. Now the brother wants to sell off the property but the sister doesn’t want so. The sister wants to take out a reverse mortgage and buy out the brother. Will she be able to get a reverse mortgage?
If the sister is a senior citizen, i.e. if she is 62 years or more of age, then she will be able to get a reverse mortgage using the property as collateral.
Depends on what the sister's age is. If she's 62 or above, then surely she can get a reverse mortgage done.
Sister's age should exceed 62 and moreover the home should be a primary residence so as to get qualified for a reverse mortgage loan.