Thinking of applying for a reverse mortgage, but don’t know if you are eligible? Below is a list of borrower and residential requirements:

Borrower:

  • Must be 62 years or older
  • You, the homeowner, must occupy your permanent residency for at least 6 months and 1 day out of the year
  • Stay current with property tax and homeowner’s insurance
  • Only have 1 FHA loan and be free of any delinquent, federal debt

Residential Requirements:

  • Single family or 2-4 unit homes
  • HUD approved condominiums
  • Townhomes
  • Most manufactured homes built after 1976

If you are attempting to use a reverse mortgage on a vacation home, non-HUD approved condos, or rental properties, you will not be approved.

In summary, the homeowner will continue to receive monthly payments as long as he/she lives in the house for 6 months and 1 day out of the year, moves, or passes away.

About Jason Sherman

Hi everyone, welcome to The Reverse Mortgage Blog. My name is Jason Sherman and I created this blog to start educating readers on reverse mortgages. I believe it's important for others to be well-informed on all types of mortgages, especially reverse mortgages.

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