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Kathryn Said:

reverse mortgage for under 62?

We Answered:

You won't qualify for a reverse mortgage due to your age. However you could probably take out a hard equity loan. This is a loan through a private lender and they usually don't require a credit check since the loan is over-collateralized by the value of the home.

The costs are steep and the interest rates are usually very high but they could probably easily lend you the funds you need to bridge you to closing. Be VERY careful with these lenders however. Seek out a reputable mortgage broker in your area and make sure its someone you can trust. You can easily be taken advantage of with those loans, so you need to find someone who can get you a decent deal. Be prepared to be shocked by the costs. I'm not kidding when I say that these loans can be expensive. Oh, and if you find a deal that sounds too good to be true, it probably is. Make sure you read the fine print.

Good luck.