Are you 62 yet?
If the answer is yes, you have met one of the basic requirements of eligibility for a reverse mortgage. The youngest homeowner must be at least 62 years old.
You also must own your home, unless you are purchasing with a Reverse Mortgage, and use it as your primary residence. However it is not necessary to own your home debt free. A common reason to obtain a Reverse Mortgage is to pay off an existing mortgage or other debt to eliminate monthly payments.
The amount you are qualified to receive is then based on the appraised value of your home, current interest rates and the age of the youngest borrower. You are welcome to use my online reverse mortgage calculator to get an estimate of how much you can expect to receive. But please remember that it is always best to speak with me directly. I am an expert in determining eligibility and consider many factors that may be exclusive to your situation. Even if you think you may not have enough equity, I welcome talking to you about other options that may be available.
Things that do not affect eligibility for a reverse mortgage:
– Credit history
– Discharged bankruptcy
– Health of the homeowner