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Key Requirements for Applying for a Reverse Mortgage Loan

To qualify for a reverse mortgage loan, applicants must meet the following criteria:

Eligibility Requirements

• All homeowners listed on the title must be 62 years of age or older
  • Some products allow for slightly lower age requirements starting at 62 years old. A loan advisor can help review your eligibility
• You should have a sufficient amount of equity built up in your home
  • A loan advisor can assist in determining if your equity meets qualification standards
• Any existing mortgage balance and mandatory obligations must be paid off at closing using funds from the reverse mortgage or another source
• You must meet financial eligibility criteria as established by HUD
• Your home must be your principal residence
• Your home must meet Federal Housing Administration (FHA) minimum property standards
  • In some cases, reverse mortgage funds may be used to pay for required repairs
• You must complete a counseling session with a HUD-approved reverse mortgage counselor
  • A loan advisor can provide a list of authorized counselors
  • Counseling may be conducted in person or by phone
• Eligible property types include:
  • Single-family residences
  • Two-to-four unit owner-occupied homes
  • HUD-approved condominiums
  • Manufactured homes that meet FHA requirements

Note: Two-to-four unit homes are not eligible for HECM for Purchase.

To review your personalized reverse mortgage options, speak with a qualified loan advisor today.