He is survived by his wife and two sons, Aamir and Faisal, and two daughters, Farhat and Nikhat.
Hussain is known for producing hits like "Hum Hain Rahi Pyar Ke" (1993) that starred son Aamir, "Dulha Bikta Hai" (1982), "Zakhmee" (1975), "Anamika" (1973) and "Caravan" (1971).
In 1990, he made his directorial debut with "Tum Mere Ho" with Aamir and Juhi Chawla.
Family sources said Hussain died at Aamir's residence in Bandra.
Aamir and his wife Kiran are in the US for the Sundance Festival and are taking the first flight home. Hussain's grandson, Imran Khan, who made his debut with "Jaane Tu Ya Jaane Na", is in New Zealand and will also be coming back.