Who qualifies for a Reverse Mortgage?

To be eligible for a Reverse Mortgage, HUD’s Federal Housing Administration (FHA) requires that:

• The borrower is the homeowner;
• The borrower is 62 years of age or older;
• The borrower owns the home outright, or has a mortgage balance that can be paid off with the proceeds;
• The borrower must live in the home.

 

There are NO credit requirements, NO income requirements, and NO health requirements.

 

You are further required to receive consumer information from a HUD-approved counseling agency prior to obtaining the loan.

 

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