62 is the Magic Number for a Reverse Mortgage

Almost 10,000 baby boomers per day are are turning age 62 and heading to Hilton Head Island for retirement.  You might ask what is so important about turning age 62… well age 62 is the minimum age to qualify for a FHA reverse mortgage and the costs to secure these mortgages is dropping.  Although the reverse mortgage has been available for more than 20 years, it is still misunderstood.  The most common misconception is that the bank owns the house;  that is not true.  The bank holds the mortgage, while the homeowner retains title. Read the rest of this entry