Am I Eligible For a Reverse Mortgage?

In order to apply for a reverse mortgage, there are no credit, employment, down payment or income requirements.  Eligibility, therefore, is simplified as follows:

1.  At least one homeowner must be 62 years old or older and occupy the property as their primary residence.  If another younger person less than 62 lives in the home, he/she cannot be listed on the title.

2.  The property may be owned free and clear or have an existing mortgage balance.

3.  The home must meet minimum Housing and Urban Development (HUD) property standards.  If not, some repairs may be necessary with some of the reverse mortgage money.

4.  Single-family homes, townhouses, condominiums, manufactured homes built after June 1976, multi-family homes, planned unit developments (PUDs) and co-ops may be eligible.  Some properties, however, are excluded such as mobile homes, motor homes, house boats, yachts, multi-families with more than four units, manufactured homes built before June 1976 and timeshares.