WARNING – on August 29th, 2017 HUD issued new guidelines effecting October 2nd that may greatly reduce principal limits for a new HECM Reverse Mortgage Loan
In order to qualify for a Reverse Mortgage Loan you need to meet certain requirements. You must:
- Be 62 years old or older
- Take an approved counseling course
- Live in the home as your primary residence
- Meet minimum credit requirements
- Show a history of paying property taxes and insurance on time
- Have enough verifiable income to meet the FHA Residual Income requirements for your area and household size
If your home is a condominium then your condo project must be approved by HUD for FHA loans.