Yes, Reverse Mortgage Funding does have loan requirements. To be eligible for a HECM, you must meet the requirements set by the federal government:
All borrowers must be 62 or older.
The home must be your principal residence and meet U.S. Department of Housing and Urban Development (HUD) standards on property type and condition. You may be able to use your reverse mortgage to pay for any repairs needed to meet these standards. Vacation homes or rental properties are not eligible.
Eligible property types include single-family homes, two-to-four unit properties, manufactured homes meeting certain criteria, condominiums that are approved by the Federal Housing Administration (FHA) and townhouses. Co-ops do not qualify.
To be eligible for Reverse Mortgage Funding’s Equity Elite mortgage, you must meet the following requirements.
All borrowers on the home’s title must be at least 55 years old, though some states may require a higher age requirement.
You must live in your home as your primary residence for the life of the reverse mortgage. Vacation homes or rental properties are not eligible.
You must own your home outright or have at least 50% equity in your home.
Eligible property types include single-family homes, two-to-four unit properties in which you occupy one unit, manufactured homes meeting certain criteria, condominiums that are FHA-, Fannie Mae- or RMF-approved and townhouses.