What is the best age for a couple to best maximize reasonable value in a reverse mortgage? Can it remain the primary residence for say my wife if I require care elsewhere, say an assistance living home?
Hi Patrick! I don’t necessarily believe there is a “best age”. With the understanding that as you get older, you do qualify for more, the most you can ever get out of a reverse mortgage is around age 92. But most folks aren’t going to wait that long. My recommendation is usually to wait until it accomplishes your goals, whatever those may be. As well, the reverse mortgage, for many, is not a one and done situation. You can refinance once a year, if beneficial for you. And yes, the home would still remain your wife’s primary residence and the loan would remain if you had to go into an assisted living home. I hope that helps!😊
Hi. I really like your videos and thank you for the information. I'll be 62 in September 2023, can I start the process of a reverse mortgage now or do I have to wait until my birthday?
Hi there! Typically, you can begin the federally insured reverse mortgage process within 90 days of your 62nd birthday. But, you must be 62 at the time of your final signing. So, you would need to wait until June to begin the process. Then, you wouldn't be able to complete the loan until you turned 62 in September.
Hi there! The home would need to be appraised by an appraiser. The lender/broker will order the appraisal through an appraisal management company and that company will find an appraiser in the area to do the appraisal.
What is the best age for a couple to best maximize reasonable value in a reverse mortgage? Can it remain the primary residence for say my wife if I require care elsewhere, say an assistance living home?
Hi Patrick! I don’t necessarily believe there is a “best age”. With the understanding that as you get older, you do qualify for more, the most you can ever get out of a reverse mortgage is around age 92. But most folks aren’t going to wait that long. My recommendation is usually to wait until it accomplishes your goals, whatever those may be. As well, the reverse mortgage, for many, is not a one and done situation. You can refinance once a year, if beneficial for you. And yes, the home would still remain your wife’s primary residence and the loan would remain if you had to go into an assisted living home. I hope that helps!😊
Hi. I really like your videos and thank you for the information. I'll be 62 in September 2023, can I start the process of a reverse mortgage now or do I have to wait until my birthday?
Hi there! Typically, you can begin the federally insured reverse mortgage process within 90 days of your 62nd birthday. But, you must be 62 at the time of your final signing. So, you would need to wait until June to begin the process. Then, you wouldn't be able to complete the loan until you turned 62 in September.
who assesses the worth of the house
Hi there! The home would need to be appraised by an appraiser. The lender/broker will order the appraisal through an appraisal management company and that company will find an appraiser in the area to do the appraisal.
Amazing video, thank you
Thank you for the great feedback.😊
As always great info
Thanks George! Glad you think so.😊