A reverse mortgage is a fully-underwritten home loan, and consequently there are no blanket statements in regard to your specific situation. Speaking in general terms, however, to qualify for a reverse mortgage you must:
- Be age 62 or older;
- Own your home;
- Demonstrate income enough for:
- your property taxes, homeowner’s insurance, and other property charges (such as condo dues and homeowner’s association fees, as applicable)
- the monthly minimum due on your credit accounts
- funds at month’s end to meet FHA’s income guidelines
- Your home must be your principal residence and it must meet basic U.S. Department of Housing and Urban Development (HUD) repair standards;
- HUD requires all prospective reverse mortgage borrowers to participate in reverse mortgage counseling. Click here to find a HUD-Approved counselor near you.