Before consulting with a Reverse Mortgage specialist, it helps to look over these basic reverse mortgage requirements. Every situation is unique and you have no obligation when you contact a reverse mortgage lender, furthermore you are required to go to reverse mortgage counseling for your own protection.
FHA Reverse Mortgage Loan Requirements:
- Must own your property
- Must be age 62 years of age or older
- Live in your property as primary residence
- Participation in a consumer information session given by a HUD-approved housing counseling agency.
What a Senior Can Borrow is Based On:
- Age of the youngest borrower if more than one
- Lesser of appraised value or the FHA insurance limit
- Current interest rate
FHA Reverse Mortgage Financial Requirements
- No income or credit qualifications are required of the borrower
- Closing costs may be financed in the mortgage
Property Requirements:
- Meet FHA property standards and flood requirements
- Single family home or 1-4 unit home with one unit occupied by the borrower (which can also be FHA-approved condominiums or manufactured homes and leased land)
