What’s the lowest age need for a reverse home loan? Always, 62. But before you earn this kind of financing, realize about the dangers, and you may imagine additional options.
Opposite mortgages are stated as an ideal way for the money-strapped more mature property owners and you may retired persons to get extra cash instead being required to stop their houses. Constantly, minimal many years getting specifications an opposite home loan was 62. Oftentimes, you happen to be able to get you to whenever you are more youthful, including, shortly after turning 55.
However they are this type of mortgages all of that great? Opposite mortgages is actually complicated, risky, and you will high priced. (more…)