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Reverse Mortgage Eligibility | Reverse Mortgage Rules – Reverse Mortgage Eligibility. The basic requirements to qualify for a reverse mortgage loan include: the youngest borrower on title must be at least 62 years old, live in the home as their primary residence and have sufficient home equity.
Pros and Cons of Reverse Mortgages – For example, when you take out a reverse mortgage, you are unable to apply for additional home equity loans in the future, Roberts explains. "This can be an issue if a major expense arises, like.
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Do I Qualify for a Reverse Mortgage? – livewell.com – How to Qualify for a Reverse Mortgage Loan . Although qualification requirements for a reverse mortgage loan varies slightly depending on the loan, each one does have the same basic requirements. The first thing a lender will look at is your age. To qualify for a reverse mortgage loan, you must be at least 62 years old.
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How Much Equity Do You Need for a Reverse Mortgage? | Finance. – While there is no set limit on how much equity you need to qualify for a reverse mortgage, LendingTree reports that 50 percent or higher is a good rule of thumb.