Reverse Mortgage Under 62 Years Old OptionsWhat if one spouse or person is over 62 years old and the other isn't? Reverse Mortgage Under 62 Options All borrowers on a reverse mortgage loan must be 62 years old or older. If one borrower is not 62 years old or older please read on as we explain your options for a reverse mortgage under 62. If title to the property is held by a person who is 62 and someone who is not 62 or older (spouse, family member, trustee, significant other, etc.) the under 62 reverse mortgage can still be completed however the under age people cannot be a borrower on the loan and cannot be on title to the property. This is accomplished by grant deeding the non-qualifying persons off title to the property at loan closing. Be Aware Reverse Mortgage loans become due and payable upon the sale of the property, the last borrower passing away or when the last borrower moves out of the home (to an assisted living facility, nursing home, etc.). This means that the non-borrowers who remain in the house have the following options: 1) Sell the home Use the proceeds from the sale to pay back the reverse mortgage and keep any money left over. 2) Insurance Use the proceeds from a life insurance or long term care insurance policy to pay back the reverse mortgage and keep the home. 3) Conventional Loan Get a Conventional Forward Loan on the property (a mortgage with monthly payments). Please note: getting a conventional forward mortgage in today's market will require credit and income qualification and may be very difficult to get. 4) New Reverse Mortgage Get a new reverse mortgage if the non-borrowers are now 62 or older. Caution: the reverse mortgage proceeds for a younger reverse mortgage borrower are less than those for an older borrower. This likley means the property will have had to increase in value since the original reverse mortgage was taken out or the new reverse mortgage borrower will have to come in with some amount of cash. - - - - - - - - - - - - - - - What if a spouse is close to 62? - - - - - - - - - - - - - - -
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