Reverse Mortgages: Qualifications
Qualifications For Reverse Mortgages
The qualifications for a reverse mortgage are simple. As you read the following information, please contact us with any questions:
- Applicant members must be at least 62 years of age.
- The applicant must be a homeowner* (includes single family residence, condo, townhouse, or manufactured housing built after June 1976).
- The home does NOT need to be owned “free and clear.”
- Must have a certain percentage of equity in the home.
- There are no credit/credit score requirements.
- All reverse mortgage applicants are required to complete a HUD Approved Counseling Course.
* Must own home as primary residence in CO, DC, FL, GA, IL, KY, MD, MS, NC, OH, OR, PA, SC, TN, VA & WV.