Hello Laurie, Since you have a current lien on the home on which you extracted equity from the house, you could only obtain a reverse mortgage once that loan had at least 1 year of seasoning (which means you would need to wait another 4 months before applying). At that time, whether the loan makes sense for you would depend on the rates in effect at the time because they will determine how much money you would receive under the program. I would encourage you to call us or visit our online calculator when the loan has at least 1 year of seasoning so you can check to see if the loan makes sense for you based on your goals and needs.

Hello Richard, There is no minimum time required that you must own the home to get the reverse mortgage. In fact, there are even purchase reverse mortgage loans available you could use to purchase the home if you so choose.

Hello Cynthia, If you meet the requirements and the home is your primary residence, there is no minimum time you must own the home. You can do the loan any time. If the trust meets HUD's requirements, there is no problem that the home is vested in a trust. Most trusts do meet the HUD requirements or can be made to meet them with just an amendment if you are willing but if the trust does not meet the HUD requirements, the only way you would be able to close the loan would be to change the trust or take the home out of the trust if you still want to get the reverse mortgage. Fortunately, though, most trusts are fine just the way they are.

Hi Virginia, You may not have to wait at all but that depends on a few things. HUD has changed this guideline a few times in the recent years. Used to be there was no restriction and it didn't matter if you did a refinance with cash out. Then a few years back, HUD changed it and if you took any cash out at all, HUD would not let you pay that loan off with the reverse mortgage until you had a year seasoning on the loan. This made no sense at all since HUD allowed you to take cash out on their loan but would not pay off any cash out loan. Finally, in 2017, HUD decided to allow borrowers to pay off a cash out refi as long as the loan did not exceed the amount of money HUD would allow you to receive as cash out on the HECM loan. In other words, HUD allows borrowers with no mortgage to take up to 60% of their Principal Limit (the eligible loan amount) at closing or in the first year on a reverse mortgage. The remaining 40% is available after 12 months. So if the cash out loan being repaid is 60% or less than the Principal Limit (combined with the costs to close the loan), then HUD will allow you to pay off the loan with no seasoning required. For example, if you qualify a Principal Limit of $100,000, you have an existing loan which you took cash out of $40,000, HUD will allow you to pay off that loan and take out whatever you like up to the $60,000 limit in the first 12 months, and then you would have access to the remaining cash after that time. However, if you have a cash out loan of $80,000 which exceeds the 60% threshold, your loan would have to have 12 months' or longer seasoning to be considered. HUD does allow borrowers with seasoned loans to access up to 100% of their Principal Limit to pay off those loans but not if it must be used to pay off an unseasoned cash out refinance. So the bottom line answer to your question is that if you need 60% or less of your Principal Limit to pay off a loan less than 12 months old, it is allowed. However, if you must use more than 60% or your Principal Limit, the loan must be seasoned for 12 months or longer to be considered.