Applying for a reverse is a fairly simple process; however, there are a few basic eligibility requirements:
- All homeowners on title must be aged 62 years or over
- You should have a sufficient amount of equity built up in your home.
- A Reverse Mortgage Advisor can help you determine if you have enough equity to qualify
- You must pay off any existing mortgage balance and all mandatory obligations at closing with funds from the Reverse Mortgage or another source
- Your home must be your principal residence
- Your home must meet the Federal Housing Administration (FHA) minimum property standards, however in some cases you may be able to use your reverse mortgage loan funds to pay for repairs that may be required
- Evidence of a completed counseling session with a HUD-approved Reverse Mortgage counselor is also required. A Reverse Mortgage Advisor can provide you with a list of authorized counselors. You have the option of meeting with the counselor in person or by phone.
- Your home must be a single-family residence, a two-to-four unit* owner-occupied house, a HUD-approved condominium or a manufactured home that meets FHA requirements.