Reverse Mortgages —The Specifics
Eligibility Requirements
The following eligibility requirements determine
whether or not you can qualify for a reverse mortgage:
- You must be age 62 or older, and
occupy the property as your principal residence
- You must own your home and have a maximum remaining mortgage balance
which could be paid off by a reverse mortgage
- The property must be a single-family or a two-to-four unit
dwelling
- The home must meet HUD minimum property standards. In some cases, home repairs can be made after the closing of
a reverse mortgage.
How much can be borrowed?
For reverse mortgages, the amount of money you get depends on several factors, including:
- The age of the youngest homeowner
- The appraised value of the home
- The current interest rate
- The county in which the property is located
In general, the older you are and the more valuable your home (and the less you owe on your home), the more money you will be able to
borrow with a reverse mortgage.
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