Reverse Mortgage Qualifications

• Are you a senior homeowner 62 years of age or older?
• Do you have modest equity in your home?
• Do you intend to live in your home as your primary residence?

If you answered YES to the questions above, you are well on your way to qualifying for a reverse mortgage loan or FHA-insured Home Equity Conversion Mortgage (HECM). The reverse mortgage was designed to give seniors an easy, efficient way of obtaining tax-free income by accessing the equity that has accumulated in their home. Assuming you qualify as a senior, the next step is to determine the dollar amount of equity you have in your primary residence. If you have been making monthly house payments for years, chances are good that you have accumulated quite a cash reserve. We’ve provided a simple reverse mortgage calculator for your convenience. It is important to remember that all liens against the property must be included in the amount deducted from the present value of your home.

As seniors in all 50 U.S. states, including California, Hawaii, Puerto Rico and the District of Columbia, you will likely face rising costs of living or unexpected medical expenses during your golden years. Your age and the equity in your home and primary residence almost immediately qualifies you for a reverse mortgage or HECM. For your property to qualify, it must be your primary residence and either a single family home, town home, duplex, condo or one-to-four unit residence. If you own a manufactured home or mobile home that was built after June 15th 1976, ask your reverse mortgage lender or HECM lender for details as to whether your particular unit will qualify for a reverse loan. If you have unanswered questions about qualifying for a reverse mortgage, give us a call today at 1-866-707-4664 to speak directly with a representative.