Reverse Mortgage Eligibility

  • All reverse mortgage borrowers must be 62 and older
  • Must own property and occupy as primary residence
  • Participate in an information counseling session
  • Must have sufficient equity in the property
  • Property must meet FHA property standards
  • Must maintain home with needed repairs, property taxes and insurance

Loan Amount Based On

  • Age of youngest borrower
  • Current interest rate
  • Lesser of appraised value or the FHA insurance limit
  • An Image Slideshow - Reverse Mortgage Educator
  • An Image Slideshow - Reverse Mortgage Educator
  • An Image Slideshow - Reverse Mortgage Educator

Watch A Reverse Mortgage Video

The following video “Reverse Your Mortgage,” from Kiplinger’s Finance, highlights the general terms for qualifying for a reverse mortgage loan, who is best served by obtaining this type of loan, how the money can be received, and finally, how and when a reverse mortgage is repaid.

 

 

The below AARP Reverse Mortgage video is an in depth interview, originally telecast on Inside E Street in late 2009. Since then there have been further enhancements made to the reverse mortgage counseling protocol, which addressed the concerns expressed by guests on the program. After this program aired, HUD introduced the HECM Saver Reverse Mortgage in October, 2010, which offers lower closing costs than the Standard reverse mortgage. If you watch this video you will see that the high cost of obtaining a reverse mortgage is mentioned several times during the program. So keep in mind that, HUD, AARP, and FHA are continually making improvements to what many senior homeowners consider an invaluable financial safety net.

 

 

 
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