- Must be at least 62 years old or older.
- The home must be your primary residence.
- Any outstanding mortgage balance must be paid off.
- No minimum credit score or income needed.
Qualifying for a Reverse Mortgage
Reverse mortgage is a special type of loan only available to seniors. To qualify for a reverse mortgage, you must meet the following requirements:
Borrower Requirements
- Youngest borrower must be at least 62 years old
- Mortgaged property must be the homeowner’s primary residence
- No or low mortgage balance (you must use the reverse mortgage proceeds to pay off any existing loan)
- You must speak with a HUD-approved counselor to evaluate a reverse mortgage and other financial option
- No minimum income or credit score needed
Property Requirements
- Single family home or 1-4 unit home with one unit occupied by the borrower, OR
- HUD-approved condominium, OR
- Manufactured home meeting FHA requirements
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