The minimum age for a borrower is 62 for a reverse mortgage. If you are not 62 or older a reverse mortgage is not attainable. If you are trying to pull money for a dwonpayment out of an equity rich primary residence, you may be able to do that with the HECM line of credit from a reverse mortgage.
This is hot off the press directly from a seminar yesterday. Bank of america is initiating anew program that will commence on January 1, 2009. It's called the "Senior Equity Reverse Mortgate Platinum. It sounds like the opportunity you may be looking for.
This is a brand new program that is intended to help seniors by creating mobility with home ownership.
We suggest you contact Reverse Mortgage Loan Officer Al Johnson who will be able to explain the specifics of the program. Al's contact information is: tel 813-375-1981
The "Eckler Team"
Your Interest rate would be variable based on Prime.
It is a great time to use that equity to expand your portfolio. Give us a call for additional information on Bank Owned opportunities.
I would first contact your CPA or account to see what the benefits are to buying a home with a reverse mortgage verses an equality line, which is the better tax advantage.
I would next contact a mortgage broker who understands the in and outs of both loan programs.
If you need help finding a mortgage broker contact me through my website here:
Broker, e-PRO, GRI
If you are talking about applying for a reverse mortgage loan on your current property you would be best served to talk to a lender first and foremost because the requirements are changing daily if not hourly. These loans are still available to homeowners, but the qualifications are most strict and you may not be able to borrow as much money as you once could have. It will also depend on your credit qualifications. If you would like the contact information for a great lender who will definitely be able to give you more details, please don't hesitate to email me.
Taylor Plumblee, Realtor
The Linda Hutchinson Team