Posted on: 30th Oct, 2008 05:16 pm
I would like a reserve mortgage on a tri plex and I live in one of the units only and I have 250000.00 in the tri plex . My husband is 67 and Iam 58 and we are retired . THE TRI PLEX IS BRAND NEW JANE TOTTEN
Hi janetotten!
Welcome to forums!
The minimum age limit required to get reverse mortgage is 62 years. As your husband is 67 years old, he can easily get a reverse mortgage but you will not qualify for it. Your husband will have to contact some of the lenders and have a fair idea about the offers available in the market. Then you can decide which one will be affordable for both of you.
Feel free to ask if you have further queries.
Sussane.
Welcome to forums!
The minimum age limit required to get reverse mortgage is 62 years. As your husband is 67 years old, he can easily get a reverse mortgage but you will not qualify for it. Your husband will have to contact some of the lenders and have a fair idea about the offers available in the market. Then you can decide which one will be affordable for both of you.
Feel free to ask if you have further queries.
Sussane.
Hi janetotten!
Your husband will definitely be able to get a reverse mortgage. But be assured that you will not be able to include your name in the mortgage because of your age. I would suggest that your husband should do some smart mortgage shopping before he decides to take one. This will help him to know the market situation and the type of rates available.
Thanks.
Your husband will definitely be able to get a reverse mortgage. But be assured that you will not be able to include your name in the mortgage because of your age. I would suggest that your husband should do some smart mortgage shopping before he decides to take one. This will help him to know the market situation and the type of rates available.
Thanks.
Does your husband also occupy the unit with you and is he on the deed? He is the only one that can be on the mortgage which means he would have to meet debt ratio requirements for the other debts in his name. You may be able to obtain cash to pay off the debts as well.
But, one thing that I see is this is a new Tri-Plex. How long have you owned it? What was the purchase price? How much is it worth? How much do you owe on the current mortgage(s) against it?
But, one thing that I see is this is a new Tri-Plex. How long have you owned it? What was the purchase price? How much is it worth? How much do you owe on the current mortgage(s) against it?
