• Question
  • I am considering social security disability(I have a disability under ADA) versus retiring at such

    Asked by a 62 year old woman from Lynn Haven, FL on 3/15/2013

    I am considering social security disability(I have a disability under ADA) versus retiring at such an early age. Versus retiring with the federal government after 30 years of service at age 56, will this make a difference whether or not I can get a reverse mortgage? mary jenkins

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  • Categories: Government Pensions, Social Security, Disability, Reverse Mortgages, Qualifying

Answers

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  • For most of reverse mortgage, there is no special income requirement. Therefore, taking social security disability benefits or retiring should not make any difference.

    In order to apply a reverse mortgage, you generally need to meet the following requirements:
    1. You must be 62 or older.
    2. You have paid off the mortgage or paid down a considerable amount.
    3. You are currently living in the home.

    More information about how to determine if a reverse mortgage is right for you can be found here http://www.newretirement.com/reverse-mortgage/reverse-mortgage-for-seniors.aspx.

    The U.S. Department of Housing and Urban Development also provides additional information and resources at http://www.hud.gov/buying/rvrsmort.cfm.

    This answer is provided as general information only and provided by Master’s students pursuing a degree in Personal Financial Planning at Texas Tech University. 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.

  • Login to rate this answer:   Answered on 3/18/2013
**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.