You may qualify for a
For most of us when we think of the age qualification for a reverse mortgage, we think of those who are 62 years of age and above.
Most of the industry this is true, however now we have a lender that has lowered the age requirement.
The first lender in the reverse mortgage industry to announce a product for seniors under 62 years of age is Lender Lead Solutions. This particular product also allows those of 62 years of age and older to borrow a smaller amount with a lower closing costs.
Nearly 4.5 million seniors turned 60 last year. These are the oldest section of the baby boomers. So often necessity is the mother of invention, it seems fitting that the Simple60 product should be released in time for the next generation of baby boomers. The Simple60 program is a non-recourse loan. It ensures that the debt of the loan never exceed the value of the property. Tax-free proceeds are still based on the homeowners age and value of the of equity in property.
For the nearly 15% of all applicants who don't qualify because of age this is a good program. Making reverse mortgage available two years earlier. As the number of people who now have financial difficulties this may come at a much needed time.