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msuppy: 1 year ago

How does reverse mortgage work for a 49 year old woman

Home is paid off, no mortgage. Is this an option for me...even if I need medical, or expensive help when I get older?

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Answer 1

reallynow: 1 year ago via iPhone | Last edited at 3:06PM on 12/4/2011

First you are too young and would outlive the terms of the reverse mortgage and second, you are too young and I do not believe any reputable lending institution would give you a reverse mortgage. You have to be ( I believe ) 62 years of age or older. Reverse mortgage is never a good idea as they are banking on you passing away before the terms are fulfilled. A 49 year old woman should be able to work to generate cash flow.
If you were to outlive the terms you would be faced with paying the money back with interest or forfeit your home.

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Answer 2

SoloJohn: 1 year ago

A 49year old woman may need this reverse mortgage if she has the need for cash that may helps her in maintain her health, her home as well as her long term financial situation and she does not have another source for that cash flow.

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Answer 3

CliffAuerswald: 1 year ago

You must be 62 or older to qualify for a reverse mortgage. Reference: http://www.allrmc.com/

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