Massachusetts Discount Mortgage - Consumer Direct


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Age for Reverse Mortgage

To be eligible for a HUD reverse mortgage, HUD’s Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; own your home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are further required to receive consumer information from HUD-approved counseling sources prior to obtaining the loan. You can contact the Housing Counseling Clearinghouse on 1-800-569-4287 to obtain the name and telephone number of a HUD-approved counseling agency and a list of FHA approved lenders within your area.  See how to get your reverse mortgage here.

This entry was posted on Thursday, August 21st, 2008 at 8:53 pm and is filed under Uncategorized. Responses are currently closed, but you can trackback from your own site.

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