How Do You Qualify For Reverse Mortgage?
How to Qualify for a Reverse Mortgage:
If you think a reverse mortgage might be right for you, it’s important to make sure you qualify before moving forward with selecting a reverse mortgage lender. If you qualify, a reverse mortgage can be a great way to access money to meet financial obligations.
Qualifying Factors:
- Borrower must be 62 or older.
- The home must be owned outright or have a low enough balance to be paid off with the proceeds from the reverse mortgage.
- The home must serve as the primary residence for the qualifying borrower and it must be a qualifying home.
Homes that qualify include:
- A single family home
- A multi family home with 2 to 4 units, one of which must be occupied by the borrower
- A condominium
- Modular home
- Planned development
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