Reverse Mortgage Age | In NewRetirement's Questions & Answers Forum

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QUESTION:
Reverse Mortgage Age
I am 60, my partner is 66. We would like to get a reverse mortgage. We hold title to the house as joint tenants with right of survivorship. Can we get a reverse mortgage based on his age or must we wait an additional two years until I am also 62. Thank you.
	asked by imfubard, 12/13/2007
Categories: Retirement Income, Reverse Mortgage

ANSWERS:
	Answered by: marathon777, 12/22/07 Overall Rating: Be the first to rate it.
I think your best and safest move is to wait until you are 62 and then go for it. You can be taken off title now and go for it under his name only but that is a risky move and you would not be able to get back on title under that reverse morgage plan. Email me at: marathon.7@hotmail.com if you you would like to explore and look into a few other equity retrieval programs. Eac has their criteria as well as pro's and cons. Larry Login to rate this answer:
	Answered by: Tamera, 02/26/08 Overall Rating: Be the first to rate it.
This is a decision that many people face. Some people choose to come off title anyway. You should know that if you do come of title, you will be forced to sell or refinance the home in the event your partner can no longer maintain it as his permanent residence. Some of my customers decide the risk is worthwhile. Give this some serious thought. Are you in failing health? Is your partners health better then yours? Would doing this now change your life, vs doing this later? I would be happy to answer any other questions you might have: tfield @ financialfreedom.com. Tam :) Login to rate this answer: