On a HECM reverse mortgage, you will be able to start your application 60 days prior to your 62nd birthday, per HUD requirements. You can do reverse mortgage counseling at any time, but know that counseling is only good for 6 months, so if you don’t at least have a case number assigned prior to 6 months after counseling, you will be required to be counseled again. If you do get a case number assigned prior to 6 months, then we are OK to close with a certificate that ages beyond 6 months while we work to close the loan. It will be good as long as we have a valid case number.
We do have a product called Equity Edge that allows for borrowers with a minimum age of 60, so it’s advisable we speak to see which program best suits your need. If the 60+ program is best for your situation, then you can start the process today.