What Is The Minimum Age For A Reverse Mortgage

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Reverse Mortgage Alternative For Anyone Over 18 – There is only ONE provider of true reverse mortgages in Canada, the ‘chip’ canadian home income Plan by HomEquity Bank.Some people are uncomfortable with the rate and terms, or do not meet the minimum age requirements for a CHIP reverse mortgage.

HUD.gov / U.S. Department of Housing and Urban Development (HUD) – If you meet the eligibility criteria, you can complete a reverse mortgage application by contacting a FHA-approved lender. You can search online for a FHA-approved lender or you can ask the HECM counselor to provide you with a listing.

Minimum Age. To qualify for a reverse mortgage, the homeowner must be at least 62 years of age. If the homeowners are married, both spouses must be 62 years old. There is no maximum age qualification.