Reverse Mortgage Requirements

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Reverse Mortgage Requirements

  • Any and all homeowners on title must be at least 62 years of age.
  • You must live in the home as your primary residence.
  • Paying for homeowner’s insurance.
  • Paying any real estate taxes.
  • Remaining current on home maintenance.

Reverse mortgages are unique in that they do not require income or credit requirements to obtain. It is recognized that they are used often to supplement income and better people’s financial situations which is why they do not have stringent requirements like so many other mortgage products. The only requirements necessary for obtaining a reverse mortgage are:
After obtaining the reverse mortgage, you still own your home. That being said, you are still responsible for the things you were responsible for before the reverse mortgage. These things include:
With a traditional mortgage, many people escrow their property taxes and homeowner’s insurance with their mortgage payment. Because a reverse mortgage does not require any monthly mortgage payments, these things are no longer escrow. It is important to make certain that you will be able to afford these responsibilities. If you do not remain current on homeowner’s insurance, real estate taxes, or home maintenance, it is possible for the reverse mortgage to become due and payable immediately.



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