Thinking of applying for a reverse mortgage, but don’t know if you are eligible? Below is a list of borrower and residential requirements:
- 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
- Single family or 2-4 unit homes
- HUD approved condominiums
- 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.