Content Overview 
- Summary
- What Is A Reverse Mortgage?
- What Steps Should I Take Before Obtaining A Reverse Mortgage?
- What Is Necessary To Qualify For A Reverse Mortgage?
- How Much Money Can I Get From A Reverse Mortgage?
- How Can I Receive The Loan Proceeds?
- Fixed Rate Reverse Mortgage versus An Adjustable-rate Reverse Mortgage
- How Do I Pay Back A Reverse Mortgage?
- What Obligations Does A Borrower Have While A Reverse Mortgage Is Outstanding?
- What Are Some Of The Pitfalls To Watch Out For When Considering A Reverse Mortgage?
- How Much Does A Reverse Mortgage Cost?
- What Is The Tax Situation With Respect To A Reverse Mortgage?
- What Effect Would A Reverse Mortgage Have On My Benefits?
- Counseling Session And Other Consumer Protections
- Using A Reverse Mortgage To Purchase A Home
- How Do I Locate A Source For A Reverse Mortgage?
- How Do I Obtain More Information About Reverse Mortgages?
Reverse Mortgages 101
What Is Necessary To Qualify For A Reverse Mortgage?
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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.
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