How Do I Qualify for a Reverse Mortgage?

Qualifying for a reverse mortgage couldn't be easier...

Your reverse mortgage counselor will go over the fine details with you during your one-on-one consultation, but as a rule of thumb:

1. All title holders must be 62 years of age or older.

2. You must have more equity in your home than debt.

3. The home must be your primary residence.

If you meet these criteria, it may be worth talking to a qualified reverse mortgage professional to see if a reverse mortgage is right for you.

There are no income, credit, or health qualifications.

Single-family residences in a 1 to 4 unit dwelling are eligible, as are most condominiums, planned unit developments, and manufactured homes built on your own land in the last 30 years.  Your home will need an inspection and appraisal, which can be paid for out of loan proceeds.  There may be additional restrictions in your state or region.  Check with your qualified reverse mortgage professional regarding your specific needs.

For more information and an expert referral to a qualified reverse mortgage professional: