There are no income or credit qualifications and there is no repayment until the homeowner permanently leaves the home. The borrower retains full ownership of the property. Borrowers must also live in their home as their primary residence, which means that they should not live elsewhere for more than 365 consecutive days. Mobile homes have specific requirements that must be met in order to be eligible for reverse mortgages. Please contact us for a list of these requirements.
Commercial properties are currently ineligible for reverse mortgages.
The maximum allowable home value varies depending on the reverse mortgage program selected. This amount varies by county. Your local Senior Loan Advisor has a list of counselors in your area and can refer you to the reverse mortgage counselor nearest you. The counselors often will be willing to do the counseling session over the telephone if you are unable to go to their office. Borrower can draw up to a maximum amount at the times and in the amounts of the borrower's choosing.