Eligibility
To qualify for a reverse mortgage, all homeowners on the title must be over the age of 62 and have adequate home equity.
Factors into your eligibility
- Appraisal
- Age of the youngest homeowner
- Current Interest rate
- Existing mortgage
Not factors of eligibility
- Income
- Bankruptcy
- Credit score
- Health
Eligibility concerns
I am under 62 but am on permanent disability, can I qualify?
No, the minimum age is 62.
I have a traditional mortgage, can I still get a reverse mortgage?
Yes, many people who get a reverse mortgage use it to pay off their current mortgage and stop making payments.
Does every homeowner over age 62 qualify?
No, many people who want a reverse mortgage do not have enough equity in their home to qualify.
What if I don’t have enough home equity to qualify?
A “shortfall” means that the reverse mortgage would not proved enough moeny to cover the existing mortgages on the home. In this situation, the homeowner can not get a reverse mortgage until the balance of their existing mortgage is lowered.
