Reverse Mortgage Qualifications
One of Alpha Mortgage’s Reverse Bankers can help you determine whether or not you may qualify and which products best suit your financial goals. The following standard reverse mortgage qualifications are in accordance with HUD guidelines:
- Borrowers must be at least sixty-two years of age or older
- The property must be either 1-4 unit primary residences, condominiums, or manufactured homes that meet FHA’s requirements
- Homeowners must own the property as their primary residence and should have substantial equity in the home
- Borrowers must not owe any back debt to the government
- Income and credit scores are not a criteria to qualify
- Borrowers are required to maintain the property in “good condition” to protect the value of the home, pay their taxes annually and pay for their home owner’s insurance
Call Toll Free to Learn More about reverse mortgage financing solutions – (855) 367-4326
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Other Popular Reverse Mortgage Questions:
What are some basic qualification parameters?
How much cash can I get and how do I get paid?
What happens to my debt and what is the maximum I can owe?
Will there be anything left for the borrower or their heirs once the property is sold or the borrower no longer uses the home as their primary residence?
What are some of the costs associated with reverse mortgages?
Will receiving payments affect one’s Social Security, Medicaid, or Medicare benefits?
Who owns the property, the lender or the borrower?
Can you start the reverse mortgage process if you are under 62?
Learn more about how people are using home equity conversion mortgages for purchasing homes:
Please keep in mind that the reverse mortgage industry is constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.