The minimum age allowed for a reverse mortgage/ borrower is 62.HECM stand for Home Equity Conversion Mortgage. Loan to Value ratios on Reverse Mortgages are based upon these three factors: Home Value or FHA Lending Limit (whichever is least), current expected interest rate, and the age of youngest borrower. HECM Reverse Mortgage Loans are insured by FHA. You cannot get a reverse mortgage on investment property.Reverse Mortgages may be used as purchase money loans on a primary residence.Proceeds from a reverse mortgage may be used to buy a vacation home.Once you have a reverse mortgage and you are taking monthly payments - if you wish to change the method of payment you must Request a Change and Recalculation and pay $20. Reverse Mortgage Counseling is Mandatory, provided by HUD Approved HECM counselors, and must be completed prior applying for a reverse mortgage.
I doubt from you picture that you meet the age requirement, but a well structured Reverse Mortgage may be a good option to look at.
You must to 62 years or older but credit is not an issue at this point.
The FHA HECM (reverse mortgage) is a conservative and secure option for many (but not all), it would be worth a look if you meet the age requirement. I can help you with more details.
I would suggest you look to find "relationship-focused" lenders, by checking in to options through local credit unions or a bank specifically affiliated with your employer. Also, is there a reason you want to tap your home equity? If it's truly for home improvements, there may be low-interest loan programs out there through MN Housing Finance Agency or a local neighborhood group that could work in place of a home equity loan. Lastly, have you talked to a financial planner about this? Taking out a loan is more than just getting money - it can also be part of a bigger financial plan. It might be wise to get some referrals to financial planners from friends and family, and asking to meet with them, before taking on new debt. Good luck!
How long you've worked at your current jobs.
Is your employment permanent?
Is your income stable or subject to "ups" and "downs" (like commissions)?.
What is your home worth?
What is the condition of your home?
Is your neighborhood considered a "declining area"?
How large of a loan are you wanting?
Do you have judgements against you?
Etc. Etc. Etc.
Here's the name of an experienced mortgage broker who I've worked with many times. I've always found him to be fair, honest, and a person of integrity. He has multiple sources for mortgage loans and so my recommendation is to contact Kevin Doyle at Mortgages Unlimited at 612 701 4888.