One of California, Colorado, & Idaho's best mortgage brokers is now offering reverse mortgages for people as young as 55. As of now, this program is only offered in a handfull of states, but California and Colorado are among two of them. Traditionally the minimum age requirement is age 62 for the FHA version of reverse mortgage. This option for 55 year olds is what's called a proprietary reverse mortgage.
Alot of people are wary of reverse mortgages due to things they may have heard in the past. These things have merit, but just not in today's climate. Many, many years ago reverse loans were often done by insurance companies and they were equity sharing programs sometimes...........scary. Well, since then, they've become an extremely safe financial tool that is insured by FHA. All this thanks to the Ronald Reagan administration.
For all intents and purposes, reverse mortgages work just like regular home loans. The difference folks enjoy the most is that you don't have to make a payment on a reverse mortgage while you're living in your home. If you move out permanantly, you'll need to pay the loan back or make new financing arrangements.
Here are a couple of websites with more info on the new program:
1. Reverse Mortgage at Age 55 Plus Program
2. New Reverse Mortgage Minimum Age Requirement
About the Author:
Shawn Vaillancourt has been a reverse mortgage advisor since 2010, but began his journey in the mortgage business back in 2000. In addition to this, he does SEO and loves to write, etc. Additionaly financing solutions that Shawn has worked on includes Business Equipment Leasing & Business Working Capital. I love it all! For hobby, he surfs, mountain bikes, snowboards, and enjoys spending time with his 4 daughters and wife.