Who Qualifies for a Reverse Mortgage?
You've worked hard all your life to build up equity in your home. Now you are going to reap the benefits of your hard work. Congratulations!
Borrower Requirements:
- Age 62 years of age or older
- Own your property
- Occupy your property as primary residence
- Participation in a consumer information session given by an approved HECM counselor
Mortgage Amount Based On:
- Age of the youngest borrower
- Current interest rate
- Lesser of appraised value or the FHA insurance limit
Financial Requirements:
- No income or credit qualifications are required of the borrower
- No repayment as long as the property is the primary residence
- Closing costs may be financed in the mortgage
Property Requirements:
- Single family home or 1-4 unit home with one unit occupied by the borrower
- HUD-approved condominiums
- Manufactured homes ; fee simple
- Meet FHA property standards and flood requirements
If you need assistance locating a FHA-approved lender, visit the following list of lenders and loan officers located in or near your home, CLICK HERE
Reverse Mortgage Association for Loan Officer (REMALO) attest to a strict Code of Ethics. CLICK HERE
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