Reverse mortgages can be a useful tool for seniors and retirees for a variety of reasons. Much like with social security, the value of a reverse mortgage increases the longer you can hold out. The benefit of aging is qualifying for more money from your reverse mortgage. After all, the maximum amount you are eligible to borrow uses your age as one of the determining factors.
You must be 62 years of age or older to be eligible for a reverse mortgage, but that doesn’t mean you should jump at the opportunity right after blowing out your birthday candles. Remember, it pays to wait.
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