Qualifying for a reverse mortgage is surprisingly easy.
The borrower(s) must be at least 62 years of age, own their own home, and occupy the home as their primary residence.
There are no income, credit history, or health qualifications to meet.
Your home does not have to be owned “free and clear” (that is, the entire mortgage paid off) to qualify for a reverse mortgage; however, any existing mortgage or lien on the home must be paid off at the closing of the reverse mortgage. In fact, reverse mortgages are often used to pay off homeowners’ existing mortgages.
Will my home qualify?
Eligible property types for a HECM reverse mortgage include Single Family Residences (SFR), Town Houses, Planned Unit Developments (PUD), some manufactured homes. Condominiums are eligible, but they must go through a FHA approval process if they have not been previously approved. Please click here to see the required documents to start your FHA condominium approval.
The amount of money you can receive is determined by the value of your home, the age of the borrower(s) and the current interest rate. A reverse mortgage professional like David Chee will be able to best determine how much money is available to you given these factors. For a customized quote from David Chee, go to the free quote request form and fill out some basic information. A quote will be sent within 24 hours.
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