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Qualifying for a Reverse Mortgage

An elderly past client of mine has a life estate on her home. After she dies, the property will go to her son. She wanted to take out a reverse mortgage to help with expenses. Can she do it? No. To obtain a senior citizen reverse mortgage, the homeowner must be 62 or older (which she is) and hold fee-simple absolute title. A life estate does not qualify.

Posted by Dave Rosenmarkle on 09/18/2006 04:41 AM

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Dave Rosenmarkle

Arlington, VA

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Highland Realty

Address: 5317 Lee Highway, Arlington, VA, 22207

Office Phone: (703) 538-2566

Cell Phone: (703) 517-2748

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