Qualifying for a Reverse Mortgage
Qualifying for a reverse mortgage is surprisingly easy.
The borrower(s) must be at least 62 years of age, own their own home, and
occupy the home as their primary residence.
There are no income, credit history, or health qualifications to meet.
Your home does not have to be owned “free and clear” (that is, the entire
mortgage paid off) to qualify for a reverse mortgage; however, any existing
mortgage or lien on the home must be paid off at the closing of the reverse
mortgage. In fact, reverse mortgages are often used to pay off homeowners’
existing mortgages.
Will my home qualify?
Eligible property types for a HECM reverse mortgage include Single Family
Residences (SFR), Town Houses, Planned Unit Developments (PUD), some
manufactured homes. Condominiums are eligible, but they must go through a
FHA approval process if they have not been previously approved. Please
click here to see the required documents to start your FHA condominium
approval.
The amount of money you can receive is determined by the value of your home, the age
of the borrower(s) and the current interest rate. A reverse mortgage
professional like Brian Dawson will be able to best determine how much money is
available to you given these factors. For a customized quote from Brian Dawson, go
to the free quote request form and fill out some basic
information. A quote will be sent within 24
hours.