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Who is the reverse mortgage for?

Yourself

Loved One

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Reverse Mortgage Eligibility

A reverse mortgage is a great way to access your home's equity to supplement your income, establish a "rainy day fund" or meet a variety of other financial goals. And with its flexible repayment option, it offers homeowners greater control over their finances. As with any home-secured loan (or mortgage), you must meet your loan obligations, keep current with property taxes, insurance, maintenance, and any homeowners association fees. But how do you know if you are eligible for a reverse mortgage?

If you are interested in tapping into your home equity to get funds you can use today or to have a safety net for the future, the following requirements must be met:

SEE WHAT YOU ARE ELIGIBLE FOR

If you have equity in your home and believe you meet the eligibility requirements, a reverse mortgage may be a smart option that could provide greater financial flexibility and security.

Check Eligibility

PERSONAL REQUIREMENTS

All borrowers on the home’s title must be at least 62 years old. The older you are, the more funds you can receive from a Home Equity Conversion Mortgage (HECM) reverse mortgage.
You must live in your home as your primary residence for the life of the reverse mortgage. Vacation homes or rental properties are not eligible.
You must own your home outright or have at least 50% equity in your home. Even if you owe some money on your existing mortgage, you may be eligible for a reverse mortgage. The funds from the reverse mortgage would first pay off your mortgage and satisfy any other eligible existing liens before you could use the funds for other things. Refinancing existing debt(s) with a reverse mortgage can help improve monthly cash flow.
You must meet with a Department of Housing and Urban Development (HUD)-approved reverse mortgage counselor prior to applying for a reverse mortgage. The reverse mortgage counselor will discuss how a reverse mortgage works and the associated costs. The goal of the counseling session is to make sure that potential borrowers fully understand and are comfortable with the process and the loan terms.

HECM PROPERTY REQUIREMENTS

Single-family homes, or 2-to-4 unit properties with one unit occupied by you
Manufactured homes (built after June 1976) that meet HUD requirements
Condominiums that are FHA-approved*
Townhouses

FINANCIAL REQUIREMENTS

You must show the financial ability and willingness to meet your loan obligations, which include paying property-related taxes and insurance, any homeowner’s association fees, and keeping up with regular home maintenance and repairs.

DIANE S.

Benicia, CA

I just so happen to have a reverse mortgage. The best thing I ever did in my life.

JAMES J.

Philadelphia, PA

You get to stay in the house and that's a really good thing. Especially since you still own the house.¹

RICK M.

Fairport, NY

It's a mortgage, or it's a line of credit, but with flexibility. I haven't heard yet any reason why I shouldn't pick this product.

¹ As with any mortgage, borrower must meet their loan obligations, keeping current with property taxes, homeowners insurance, maintenance and any homeowners association fees.

* This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.