How to Qualify for a Reverse Mortgage?

Reverse mortgages let older homeowners use the equity in their homes to fund their retirement. Despite this, reverse mortgages come with numerous rules and restrictions, including who can apply and how much they cost.

Reverse Mortgage Requirements
Q

Who Is Eligible For A Reverse Mortgage?

  • You must be 62 years or older.
  • Generally, you need to have at least 50% equity in your home. The exact requirements depend on the lender.
  • The home must be your primary residence.
  • You must attend a reverse mortgage counseling session either in person or over the phone.

AddITIONAL Reverse Mortgage Qualifications

  • A financial assessment is required to ensure you can meet your loan obligations.
  • The home must be in good condition and meet FHA standards
  • If the home is a condo, it must be listed on the approved HUD/FHA condo list. If it is not, you may still be eligible for a proprietary reverse mortgage.
  • Manufactured homes must be built after June 1976 and meet HUD requirements
Reverse Mortgage Additional Requirements

Is it a good time for me to consider a reverse mortgage?

A reverse mortgage can be a good fit for you if you are able to meet the requirements above and the situations below applies to you.

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ENJOY RETIREMENT YOUR WAY

Discover Reverse Mortgage

Jeannette offers a 30-minute, NO OBLIGATION consultation to see if a reverse mortgage could be a “good fit” for you. Family members are welcome to join in!

Schedule a Call with Jeannette