No. Residence Equity Conversion Mortgages (HECMs), probably the most common kind of reverse real estate loan, are a unique types of mortgage just for home owners who will be 62 and older.
Regardless of age, there are some other demands when planning on taking down a reverse mortgage, including:
- Your property must certanly be your principal residence, meaning it should be for which you invest most of the 12 months
- You must either obtain your house outright or have low home loan stability. Having your property outright means there is no need home financing onto it any longer. You must be able to pay it off when you close on the reverse mortgage if you have a mortgage balance. You can make use of your own personal funds or money from the opposite mortgage to settle your existing home loan stability
- You might not be delinquent on any federal financial obligation, such as for example federal taxes or federal student education loans. You could, however, make use of funds through the reverse mortgage to cover down this financial obligation
- You have to consent to put aside a percentage regarding the reverse mortgage funds at your loan closing or have sufficient of your personal cash to cover property that is ongoing, including fees and insurance coverage, in addition to maintenance and fix expenses
- Your house needs to be who is fit.