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