Personal » Additional Resources » Reverse Mortgage FAQs

What are the requirements to qualify for a Reverse Mortgage?

To qualify for a Reverse Mortgage, you must be 62 years of age or older and a homeowner with equity in your home.  You must occupy the property as your principal residence.  You must also not be delinquent on any federal debt and your home must meet FHA property standards.

As part of obtaining a Reverse Mortgage, you must participate in a consumer counseling session given by a HUD approved HECM counselor and you must pass a financial assessment of income and expenses including demonstrating your ability to make timely payment of the ongoing property charges stated above (if the assessment is not favorable funds from the Reverse Mortgage or other sources will need to be set aside for the ongoing property charges.)

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