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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 ...

Community steps up to help longtime crusader

After Sinclair went public with the foreclosure, Wells Fargo Bank, agreed to accept installment payments for the indebtedness.

Whatever funds Sinclair has left after paying the tax and insurance obligations would be used to make much-needed repairs on the historic residence.

“I’ve already sent them the first check,” Sinclair told me with jubilation.

“A lot of people reached out, and first of all, I want to thank them for the prayers. That’s the No. 1 thing. While I was busy doing the prison work, I didn’t know what to do about this,” she said.

Although the fundraising campaign had a disappointing start, many of you have since pitched in with donations ranging from $5 to $100.

“We love you Queen Mother and will work hard to reach this goal. There are still many who do not know about this, so we need to get the word out. We will NOT let you down!” Carol Adams wrote on the gofundme site.

Your financial contributions were a tremendous blessing to someone who has tried to look out for the forgotten souls among us.

Reverse mortgages: A personal look

And that's why I wanted to remind readers about how reverse mortgages can allow them to stay in the homes they love -- if it makes sense in their own situation. Here are five things to consider:

--The basic requirements: RMs are available to those age 62 and older who are using the home as a primary residence. RMs work better if there is no mortgage, or only a small remaining balance on an existing mortgage. You will be charged interest on the amount withdrawn, and there are fees to originate the loan. So it's only worth doing if you plan to live in the house for at least five years.

--The amount of the loan: The amount of money you can receive -- either in a lump sum or in a monthly check -- is determined by your age (or joint ages of spouses who co-own the home), by the current level of interest rates and, of course, by the current market value of your home, less any current mortgage balance.

To get a rough idea of how much money you could receive, use the calculator at .

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.