Last week I took an application for a gentleman who is currently 61.
“Wait a second. Don’t you need to be 62 to get a reverse mortgage?”
Good question! You’re so smart! The key is that the youngest borrower must be 62 in order to fund the loan. In other words, if you’re 61 right now, but you’ve already decided a reverse mortgage is right for you, you could be like my friend John and get your application done now. This way, all of the processing required to close the loan can be completed by the time his birthday rolls around. Meanwhile, he can also sit back and enjoy the holidays because the process can be done at a nice, leisurely pace. When John turns 62 in January, he’s going to see a nice present waiting for him in his bank account!
You can, too!
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