No. Residence Equity Conversion Mortgages (HECMs), the absolute most type that is common of home loan, are a unique style of mortgage loan just for homeowners who will be 62 and older.
Regardless of age, there are some other demands when planning on taking down a reverse mortgage, including:
- Your property must certanly be your residence that is principal it should be for which you invest most of the 12 months
- You must either possess your house outright or have a mortgage balance that is low. […]