Do I Qualify?
To qualify for a Reverse Mortgage:
- At least one borrower/spouse living in the subject property must be 62 years old
- There must be adequate equity in the property (a minimum of 50% is typically required.) The older the borrower(s), the less equity is required to qualify.
- The home must be a single family home or up to 4-unit maximum multiple family home with one unit occupied by the borrower OR a HUD-approved condominium. A “Financial Assessment” – consisting of credit history (not credit score), income and most recent 24 month property tax history is now required for all new applicants to ensure that the reverse mortgage is a sustainable solution
The calculation of available proceeds is based upon the following:
- Age of youngest borrower
- Product Choice & Interest Rate chosen
- Appraised Home Value
- Our calculator can quickly and accurately determine your available reverse mortgage proceeds
Proceeds can be used for ANY REASON**
** Any existing mortgages or liens must be paid off through the reverse mortgage or prior to closing. The reverse mortgage can be the ONLY lien against the title to your home.