What are the qualification requirements for a reverse mortgage loan?
Borrower Requirements
You must:
- Be 62 years of age or older
- Own the property outright or have a considerable amount of equity in your home.
- Occupy the property as your principal residence
- Not be delinquent on any federal debt
- Have financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and homeowner association fees, etc.
- Participate in a consumer information counseling session given by a HUD approved HECM counselor
Property Requirements
The following eligible property types must meet all FHA property standards and flood requirements:
- Single family home or 2-4 unit home with one unit occupied by the borrower
- HUD-approved condominium project
- Manufactured home that meets FHA requirements
Financial Requirements
- Income, assets, monthly living expenses, and credit history will be verified.
- Timely payment of real estate taxes, hazard and flood insurance premiums will be verified.
At First Nations Home Mortgage, we answer questions about reverse mortgages every day. For more information on reverse mortgage loan limits, eligibility requirements or reverse mortgage guidelines, contact First Nations Home Mortgage today.
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