• Question
  • I am wondering whether an estate can apply for a reverse mortgage if the executor is 62 years...

    Asked by a 70 year old woman from Lambertville, NJ on 7/18/2012

    I am wondering whether an estate can apply for a reverse mortgage if the executor is 62 years or older and disabled

  •  
  • Categories: Health Issues, Reverse Mortgages, Qualifying

Answers

Toll Free 866-477-0404
  • Editorial 

    Editorial 
    NewRetirement

    San Francisco, CA

    Get a FREE phone consultation
    with an advisor. Learn more...
  • Great question!

    Unfortunately there is no easy answer about whether or not the executor of an estate can apply for a Reverse Mortgage. I spoke with a few lenders and got a few different answers. It appears that the devil is in the details on this one. Some trusts do enable you to secure a Reverse Mortgage, others will need to be modified in order to be legal and some Reverse Mortgage lenders do this and others do not.

    Your best bet would be to speak directly with a Reverse Mortgage lender -- or multiple lenders. They should be able to best advise you about your particular situation.

    NewRetirement can match you to a lender. All of our partners are prescreened and are licensed by the FHA, are members of the National Association of Reverse Mortgage Lenders (NRMLA), have good records with the Better Business Bureau and have been referenced checked:
    ---------------> https://www.newretirement.com/reverse-mortgage-marketplace.aspx

  • Login to rate this answer:   Answered on 7/19/2012
  • Get a FREE 1-on-1 phone
    consultation with this advisor
  • It's not the Estate that'd get it for the disabled homeowner, it's the person with the Durable Power of Attorney. That person who need two Doctors letters, explaining when the homeowner became incapacitated, and why they're unable to execute legal documents, and the original Power of Attorney paperwork.

    Every Lender will allow a Reverse Mortgage to happen under those conditions.

  • Login to rate this answer:   Answered on 7/22/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.