Age Guidelines for a Reverse Mortgage
There are some restrictions with concern to age and other ownership details in order to receive a reverse mortgage loan.
Your home must be your principal residence - which means that you must live in it more than half the year.
For the federally insured Home Equity Conversion Mortgage(HECM), your home must be a single-family property, a 2- to 4-unit building, or a federally approved condominium or planned unit development (PUD). For a Fannie Mae Home Keeper mortgage, you must have a single-family home or condominium.
The value of your home must qualify to satisfy any existing liens.
If you have any debt or lien against your home, it can be paid off at the reverse mortgage settlement.
A reverse home mortgage is a great idea if you do qualify.
What Happens After My Mortgage Runs Out?
When your mortgage runs out your house is not taken away from you, nor is the loan due. You do not need to repay the loan as long as you or one of the borrowers continues to live in the house and keeps the taxes and insurance current. You can never owe more than your home’s value once the mortage is done. For more on monetary stipulations for reverse mortgages the best place to look for information is right on the internet.
