Qualification Requirements

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.