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Can anybody simply take a reverse mortgage loan out?

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Can anybody simply take a reverse mortgage loan out?

No. Residence Equity Conversion Mortgages (HECMs), probably the most typical form of reverse home loan, are a unique types of home loan limited to property owners who will be 62 and older.

Regardless of age, there are some other needs when planning on taking away a reverse mortgage, including:

  • Your house must certanly be your major residence, meaning it should be for which you invest most of the 12 months
  • You must either acquire your house outright or have mortgage balance that is low. Read More