…to get a Reverse Mortgage?
Senator Lindsey Graham was on NBC News’ ‘Meet the Press’ on Sunday,(July 9th, 2017.
Chuck Todd wished him a ‘Happy Birthday’.
Senator Graham joked back that he could get a ‘Reverse Mortgage’ now.
SO, how old is Senator Graham? And how old do you have to be?
To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, have the financial resources to pay ongoing property charges including taxes and insurance, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287. (Source: Top 10 Things you need to know if you are interested in a Reverse Mortgage OR Frequently Asked Questions about HUD’s Reverse Mortgages HUD)