How to Qualify for a Reverse Mortgage?

Reverse mortgages are an option for seniors to help fund their retirement goals.

Reverse Mortgage Requirements
Q

Who Is Eligible For A Reverse Mortgage?

  • Seniors 62 years or older is the general rule (The youngest person on the title must be at least 62 years of age); however, there may be an option for homeowners age 55 as well.
    Please call for details.
  • 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 by telephone.

AddITIONAL Reverse Mortgage Qualifications

  • A financial assessment is required to determine your “willingness and ability” to meet monthly and/or annual obligations associated with your home such as property tax, insurance, etc.
  • The home must meet FHA standards.
  • Condominiums must be on the approved HUD/FHA Condominium list. If not, we may be able to assist with the approval process.
  • Manufactured homes must be on a permanent foundation, built after June 1976, and meet HUD requirements.
  • Jumbo Reverse Mortgages may apply for “single/spot approval” offered by a lender.
Reverse Mortgage Additional Requirements

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

Your home’s value is increasing dramatically

Having built up valuable equity in your home might make it possible for you to get a reverse mortgage while still leaving money for your heirs.

You plan to stay in your home for a long time

Many seniors desire to “age in place” and would prefer not to leave the family home where so many wonderful memories were created.

Your home costs can be covered by you

It is important to maintain the property, keep property taxes, homeowner insurance, HOA fees if applicable, current and in good-standing.

happy senior couple drinking wine and cooking toge QHW8UZW scaled
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