Longevity and reverse mortgage

July 12, 2016


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The amount a elderly person will receive from a reverse mortgage on his or her home will depend to a large extent on his age and how long the home owner is expected to live. As the reverse mortgage will receive payment only when the home is sold after the home owner has expired, younger people are likely to receive less money monthly from the reverse mortgage of their home compared to older people. The minimum age for applying for a reverse mortgage is specified at 62 and people who are more than 75 years old are likely to receive far more money from a similar home if they apply for a reverse mortgage, compared to people in their early sixties.