Stephen BrechtGuestOctober 29, 2021 at 5:07 am
your HECM for purchase calculator asks for youngest borrower but not my age. I am 70 years old and my wife is 58- does the calculator take my age in consideration or only my wifes?
AdministratorNovember 20, 2021 at 7:34 am
Hi Stephen, great question! Your wife would likely be a non-borrowing spouse since she’s not yet 62 and the proceeds would be calculated off of her age. It’s possible to qualify with just you, which would mean proceeds are calculated based on your age, but that could be risky for your wife if something happens to you. Read more about non-borrowing spouses and the protections built into the program for them here.
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