Reverse Mortgage Requirements

Reverse Mortgage Home >>> Requirements for getting a Reverse Mortgage

Only homeowners that are at least  62 years old are eligible to qualify for a reverse mortgage loan.

 In addition, reverse mortgage rules dictate the home must be your primary residence.

If more than 1 one homeowner exists; both individuals are required to agree, apply for the mortgage, and sign the reverse mortgage agreement.

You must own your home outright or owe less than the value of the home. You must be able to pay off the balance at the time of closing on your reverse mortgage.

You are required to receive information from an approved HECM counselor prior to being eligible for obtaining the reverse mortgage loan.

The following types of homes qualify:

• Single Family
• Condo
• Townhouse
• 1 - 4 Unit Properties - Owner must occupy one unit
• Manufactured Homes
• Mobile Homes

It is important to understand that you are still the homeowner when you acquire the reverse mortgage. You'll still be responsible for property taxes, and homeowner’s insurance must be kept current, as well as any needed repairs. A lapse in either insurance or taxes could result in a default on the reverse mortgage.