reverse mortgage

Before you start applying for a reverse mortgage, you’ll want to make sure that you meet the requirements to get a reverse mortgage. The general requirements are that:

• You are 62 years or older, though there are exceptions for proprietary loans.
• You own your home, and it is your primary residence. 
• All existing liens have been paid off or will be paid with the reverse mortgage proceeds. 
• You have no federal debt, such as federal income taxes or federal student loans (or will be able to clear the debt at closing). 
• Your home is in good condition, meaning it meets the U.S. Department of Housing and Urban Development (HUD) property requirements. 
• You have the financial resources to pay ongoing costs, such as taxes, insurance, maintenance, and repairs. A financial assessment conducted during the loan process will determine whether it is necessary to set aside loan proceeds to cover these costs.
• If your reverse mortgage is a home equity conversion mortgage (HECM), you are also required to receive counseling from a reverse mortgage counseling agency. This counseling is mandated by HUD to make sure that borrowers fully understand the terms of the loan before committing to the loan.