To be eligible for a reverse mortgage, you need to meet certain requirements. These include being a homeowner, being at least 62 years old, and having sufficient equity in your home. Medical requirements are not necessary.
Lenders are obligated to assess the financial situation of every reverse mortgage applicant. This assessment ensures that the borrower has the financial ability to meet mandatory obligations such as property taxes and homeowner's insurance, as specified in the Loan Agreement.
If a lender determines that a borrower may struggle with future property tax and insurance payments, they have the authority to allocate a portion of the loan funds to cover these charges.