Hi Joyclyn, no there is not an age limit factored into the refinancing or purchase processes as that would be discriminatory behavior. The traditional factors are reviewed-debt to income/credit score/loan to value, etc. Please feel free to contact me w/ any additional questions, Thanks,
The interest rate you receive on your reverse mortgage loan will be to most important factor in determine how much you will be able to borrow/receive today and how much will build up over the course of the loan. Just as with a forward mortgage (think of a refinance) where you would want to secure a low fixed rate this is the same concept with the reverse mortgage.
With regards to a refinance and an elderly person, a lender can suggest that borrower's lawyer review the loan with borrower. It's a way of confirming borrower's actions are not result of undue influence