(Borrowers 62+ years of age with younger spouses still meet the reverse mortgage qualifications; the younger spouse is called the “non-borrowing spouse”. HECM loans provide certain protections for non-borrowing spouses.)
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 liens 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 to eliminate monthly mortgage payments. (Homeowners still pay property taxes, homeowner’s insurance and/or HOA fees.)
Will my home meet the reverse mortgage qualifications?
Eligible property types for a HECM reverse mortgage include Single Family Residences (SFR), Town Houses, Planned Unit Developments (PUD), and some manufactured homes. Condominiums are eligible, but they must go through a FHA approval process if they have not been previously approved.
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.
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