DO I QUALIFY?

A reverse mortgage is a fully-underwritten home loan, and consequently there are no blanket statements in regard to your specific situation. Speaking in general terms, however, to qualify for a reverse mortgage you must:

  1. Be age 62 or older;
  2. Own your home;
  3. Demonstrate income enough for:
    • your property taxes, homeowner’s insurance, and other property charges (such as condo dues and homeowner’s association fees, as applicable)
    • the monthly minimum due on your credit accounts
    • FHA’s residual income guidelines
  4. Your home must be your principal residence and it must meet basic U.S. Department of Housing and Urban Development (HUD) maintenance standards;
  5. HUD requires all prospective reverse mortgage borrowers to participate in reverse mortgage counseling. Click here to find a HUD-Approved phone counselor.

 

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