You are here: Home Finances Reverse Mortgages ... What Is Necessary To ...
Information about all aspects of finances affected by a serious health condition. Includes income sources such as work, investments, and private and government disability programs, and expenses such as medical bills, and how to deal with financial problems.
Information about all aspects of health care from choosing a doctor and treatment, staying safe in a hospital, to end of life care. Includes how to obtain, choose and maximize health insurance policies.
Answers to your practical questions such as how to travel safely despite your health condition, how to avoid getting infected by a pet, and what to say or not say to an insurance company.

Reverse Mortgages 101

What Is Necessary To Qualify For A Reverse Mortgage?

Next » « Previous


Since you don't have to make payments with a reverse mortgage, your income and credit history are usually not evaluated, except for federal liens if you are getting a federally insured reverse mortgage.

Generally you must:

  • Be at least 62 years old.
    • If the home is jointly owned by more than one person, all owners must be age 62 or older.
    • If one owner is younger than 62, it is possible to qualify by taking the person's name off the deed. However, if the older person enters a nursing home or dies, the property will have to be sold - which leaves the younger person in a difficult situation.
  • Own your home.
  • Occupy the property as your primary residence (live in your home more than half the year.)
  • Have equity in your home. It doesn't matter if you have a mortgage. The key is whether there is equity (the difference between debt on the property and the market value.)
  • The home is a single-family property, 2-4 unit building, federally approved condominium, or planned unit development. Cooperative apartments and mobile homes generally do not qualify.
  • There is no maximum on the value of the home.

Please share how this information is useful to you. 0 Comments


Post a Comment Have something to add to this topic? Contact Us.

Characters remaining:

  • Allowed markup: <a> <i> <b> <em> <u> <s> <strong> <code> <pre> <p>
    All other tags will be stripped.