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How old do you have to be…

Senator Lindsey Graham

…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)

 

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Should I get a Reverse Mortgage in 2016?

We are coming close to another year’s end. Where does the time go?

There is a ‘slideshare’ image going around facebook weekend that tells about what it was like in 1915.

What things were like in 1915.
What things were like in 1915.

Things sure have changed in a 100 short years. Things are probably changing now at an even faster speed.

Perhaps you are asking yourself – ‘Is this the year that I/we should get a reverse mortgage?’  It is a very important question and timing can be critical.

The Motley Fool asks the question –

“Time to Get a Reverse Mortgage in 2016? A reverse mortgage can give you some much-needed cash, but make sure you know what you’re getting into before you apply.” Source: The Motley Fool

Be sure to check out this very good article that gives an overview and the pros and cons of a reverse mortgage.