Reverse Mortgage Requirements

As with all loans there are requirements for a reverse mortgage. Before embarking on your new loan, always double check your credit score and records. The following is a list of reverse mortgage requirements:

  1. The persons applying for the reverse mortgage must be at least 62 years old or older. If more than one person is on the title, the youngest person must also be at least 62 years old.
  2. You must fully own the property (house) or have a small balance left on the mortgage. Two to four unit dwellings and FHA-approved condominiums are also eligible.
  3. The home must be your primary residence
  4. There are no income or credit qualifications
  5. You will remain responsible for taxes
  6. You will be responsible for insurance for your home
  7. You will be responsible for the continued maintenance of your home
  8. Closing costs can be financed in the reverse mortgage
  9. No repayment as long as this home is your primary residence (Moving, transfer of ownership, etc)

When applying for a reverse mortgage, keep in mind that it is very similar to applying for a new mortgage. Therefore, be prepared to provide documentation similar to applying for a mortgage. The following things are needed in a typical mortgage application.

  1. Documented income from the last 30 days. (Note, there are no income requirements)
  2. Monthly investment statements for the last 3 months.
  3. Bank statements for the last 3 months.
  4. Federal Tax Returns for the last two years.
  5. Bankruptcy filings, if any.
  6. Documents showing ownership and value of any high worth assets.

There are many questions that may remain about reverse mortgages.  To obtain answers to any of your questions, please fill out the form below. Please keep in mind that this information will be confidential.

 

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Full Name:
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