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The minimum qualifying age for a reverse mortgage is 55

Don’t forget to include your spouse’s age, even if they are not yet 55, as loan proceeds are always based on the age of the youngest spouse.

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Posts Tagged 'principle limit'

Rule Change Brings Higher Reverse Mortgage Principal Limits

July 3, 2014 no comments

If you’re in the process of applying for a reverse mortgage, or if you have been considering tapping into your home equity with a government insured Home Equity Conversion Mortgage (HECM) loan, a recent change may mean you can qualify for more loan proceeds. HUD surprised everyone with a Mortgagee Letter of the changes at the very end of June and...
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