Reverse Mortage Age Requirments

Hi Michael,
I'm a financial planner and according to my research, the requirements are that all homeowners must be age 62 or older and occupy the property as their
principal residence.

I'm assuming that you and your wife are co-owners of your home and if so, it doesn't appear that a Reverse Mortgage would work for you. You might check out www.rexagreement.com to see if you qualify for their equity-extraction solution.

Michael-I understand your concerns. I too have a spouse that is significantly younger then me:)You can do a reverse mortgage if you remove her from title. But please be aware of the reprocussions in doing this. If something were to happen to you, shed be forced to either sell and move or refinance. The hope is that by that time shed be 62, and would be able to refi with another reverse mortgage, but its not a gaurantee, as depending on rates and home values, there may not be enough funds in which to refinance with down the road. That said, some spouses dont want to continue living in the home after a loved on passes. And if this is the case, then it could work for you.If you choose to do a reverse mortgage by removing her from title, I would suggest you set up a living trust where she is named as a successor trustee and beneficiary.I am a Reverse Mortgage Specialist, employed directly by Financial Freedom, a preferred lender with New Retirement. Please let me know if you have further questions, I would be happy to answer them for you. FinancialFreedom.com Best of luck to you!Tam :)