Couple hits reverse mortgage snag in quest for income

Must both co-owners be 62 to qualify for loan?

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

DEAR BOB: After my mother died many years ago, my father married a much younger woman. They have been happily married since then. They live in "dad's house" although he added her to the title some years ago. She is now 52 and dad is 83. They badly need more income to maintain the house and pay living expenses. I estimate the house is worth at least $400,000. Can they qualify for a reverse mortgage based on dad's age? --Alan R. DEAR ALAN: If both your dad and your stepmother are on the title, they are not eligible for a senior citizen reverse mortgage. The reason is your stepmother is too young, as she is not yet age 62. Purchase Bob Bruss reports online. Even if she were 62, reverse mortgage eligibility is based on the age of the youngest co-owner. The result would be minimum eligibility. However, this problem can be easily solved if your stepmother will sign a quit claim deed to your father so he becomes the sole owner of the house. Then he can easily obtain a reverse mortgage with a...