In general, there is 4 years of college, followed by 4 years of  medical school, followed by 3 to 5 years of residency.   There are a few programs that combine college an â¦ d medical school to  6 or 7 years (depending on the program) instead of the 8 years.  A lot of school, but if it is your passion, well worth it!! You  need a medical degree, plus a residency in pediatrics. There are a few programs that combine college an â¦ d medical school to  6 or 7 years (depending on the program) instead of the 8 years.   A lot of school, but if it is your passion, well worth it!! You  need a medical degree, plus a residency in pediatrics.
You must own your home. For some reverse mortgage loans you must be at least 60 years old and for others you must be at least 70 years of age and have a low income. Note: For FHA reverse mortgages (HECM), you must be at least 62 years old. Your home must be your primary residence; you must live in it for more than half of the year.
The amount that's due to the lender is the lesser of the reverse mortgage loan balance or 95% of the appraised market value of the home. Say the appraiser determines the home is worth $200,000 and the loan balance is $100,000. To keep the house, the heirs need to pay the loan balance of $100,000.early all reverse mortgages are federally backed Home Equity Conversion Mortgages. The homeowner doesn't make payments on the loan while living in the house, but the loan becomes due at the death of the last borrower. Heirs get an initial six months to deal with the loan payoff.