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age for reverse mortgage

Reverse Mortgage Tips - Coming of Age TV

Reverse mortgages are a hot topic among retirees these days, as well as those thinking about retirement. But beware, a reverse mortgage is not for ...

Boomers Want to Age in Place with Help from Tech, Upgrades

More than 80% of seniors want to age in place for as long as possible — and they plan to make home modifications and use the latest technology to do so.

For the survey Aging in Place or Assisted Living Facility: Where Do Retirees See Themselves Living, the Retirement Living Information Center asked 2,300 adults 50 and older about their living preferences as they age. Of the respondents, 1,819 were age 62 or older. The overwhelming majority said they want to live at home as long as possible, and 75% reported they don’t plan to leave unless health matters force them to relocate. For 30%, losing the ability to drive would make them move, said Retirement Living content manager Jonathan Trout, who oversaw the study.

“What stood out mostly was it felt like people saw assisted living as a kind of last resort,” he said. “Even with push factors, people said they would rather stay at home and have home health care or an aid instead of living in an assisted living facility. It’s surprising because its 2018 and a lot of the assisted living facilities are nice.

MoneyWise: Reverse Mortgages Can Help Fund Aging Place

“Reverse mortgages, available from lenders, allow seniors to tap the equity in their homes to fund improvements,” he writes.

Also available to borrowers 62 years old and over, the Rural Housing Repair Loans and Grants program through the U.S. Department of Agriculture offers help for repairs and improvements for the sake of health and safety, he writes.

He also mentions that the National Council of State Housing Agencies’ website is worth a visit, as it has has resources for various types of assistance when it comes to home upgrades.

Another option in some cases is Medicare, he writes

“Medicare, Medicaid, and private health insurance generally won’t cover modifications to a home, though Medicare might pay for a walk-in tub or wheelchair ramp if either feature is deemed medically necessary,” he writes.

Medicare Advantage announced that it will begin to cover some aging in place upgrades, such as grab bars and wheelchair ramps, through it’s affiliated Medicare Advantage health plans in the coming year.

can a disabled person apply for reverse mortgage at age 55?

I'm 55 years old and physically disabled from the waist down, mortgage payments are difficult to meet and I would like to apply for a reverse mortgage, Is this possible?

disability is not a criteria for qualifying for a reverse mortgage; only age. currently, everyone on title must be 62 years old by the time the loan closes.

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