Do I Qualify for a Reverse Mortgage Loan? Does My Property Qualify?

Qualification is much simpler than with a conventional loan:

  • 62 years or older (at least one homeowner)
  • Live in the home as your primary residence (An absence of one year or more is not permitted)
  • Have sufficient equity in your home
  • Maintain the residence in good order
  • Keep property taxes current
  • Maintain a Homeowner’s Insurance Policy in force at all times
  • Keep your Association Dues current, if applicable
  • Meet minimal income and credit qualifications – much easier than for a conventional loan – no credit scores required
  • Pay off your existing mortgage, if any, at the time a Reverse Mortgage is taken out
  • Consultation with an independent, FHA appointed counselor prior to closing (so you can fully understand all the benefits and costs of a reverse mortgage)

What Types of Property Qualify for a Reverse Mortgage Loan?

You must live in the home as your primary residence and it must be one of the following:

  • A single family residence
  • Duplex, Triplex or Fourplex (you must occupy one of the units as your primary residence)
  • Qualified Condominium
  • Leased Land Housing Unit under certain conditions

Call us today to learn if you qualify 1-(844) 388-8726