QUESTION:

reverse motrgage

I would like to ask three questions about reverse mortgage--the first one is---How long does a person have to live in their house before they can get a reverse mortgage?--Second question--Is there a certain amount you have to receive each month from social security or wages and is there a limit?--Third question--In order to get a reverse mortgage does a person have to have good credit ?--Thank you.
asked by barbara solomon, 3/24/2007
Categories: Pre Retirement, Best Places to Retire
ANSWERS:
Answered by: SilverSurfer, 04/16/07
Overall Rating: Be the first to rate it.

Hi Barbara,

Here are some answers to your questions:

1) You and your spouse need to be 62 years old and the house needs to be your primary residence.

2) There are no income requirements from social security, wages or other sources.

3) You do not need good credit to get a reverse mortgage.

Please bear in mind that not everyone will qualify for a reverse mortgage - it primarily depends on your age, how much equity you have in your house and where you live (since there are HUD lending limits that vary by zip code).

The reverse mortgage calculator may help you decide if you qualify: http://www.newretirement.com/Services/Reverse_Mortgage_Calculator.aspx

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