Are there any circumstances that would help qualify a 55 yr old man on disability for a reverse mortgage loan?
The house is completely paid for. He's not yet receiving social security although the application is being processed. Chronologically he's 55, but the doctors have put his physical age closer to 70 due to the many, many health and mental conditions.
Answers:
I'm sorry but FHA/HUD is very strict on the 62 age requirement. As someone else mentioned you may look into a home equity line of credit as an alternative. When he's 62 you can then do a reverse mortgage and pay off the HELOC.
Feel free to contact me if you have any other questions.
bburns@griffinloans.com
I believe the 62 age is pretty firm.
He could always look into a HELOC. He would have to make a low interest only payment but it's another avenue for tapping into the equity.
A reverse mortgage is basically a loan on the equity in your home. The older you are and the more equity you have the more money you get and there is no monthly payments because basically the bank is buying your home. I don't believe they will even consider a loan for anyone under the age of 62.
You can still get an equity loan at your age but it will require monthly payments. Maybe you could get the equity loan to hold you over until you are old enough for a reverse mortgage.
Good luck
You must be 62 in order to qualify for a reverse mortgage in the US. The house does have to be completely paid for and there are no minimum income or credit restrictions. The only thing that has to be done is talk to your local HUD office as they usually make you go through a "class" in order to be sure the person understands the process etc.
http://www.hud.gov/offices/hsg/sfh/hecm/rmtopten.cfm
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