Reverse Mortgage Age Requirement

Q: I am not yet 62 so I am not eligible for a senior citizen reverse mortgage. Is there any alternative to help me with my money problems? My house is free and clear, worth approximately $365,000.

A: I am aware of no other mortgage program that eliminates monthly repayments to the lender. If you have adequate income, you might consider a home equity credit line, which costs nothing until you use it.

For example, suppose you need to pay off credit cards and put a new roof on your house. A home equity credit line would be ideal. Most lenders should easily approve a home equity credit line for 50 to 75 percent of your home's market value if you have decent income and credit. When you become 62 (or later) you could then obtain a reverse mortgage to pay off the home equity credit line and be free of monthly payments as long as you stay in your home.

Source: Bob Bruss