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Eligibility Requirements

You've spent half your life or more taking care of others. Now you're ready to put your own financial needs first.

Eligibility Requirements
A reverse mortgage involves fewer restrictions than you may think.
  • Borrowers only need to be at least 62-years-old for an FHA-insured loan and 55-years-old for a Jumbo loan
  • Borrowers must have at least 50 percent equity in their home, but there is no minimum limit on your home’s appraised value or how much equity you can tap into; however, as of January 1, 2022, the MCA (maximum claim amount) for HECMs is $970,800
  • The borrower(s) must live in the residence
  • A spouse can be listed on the loan as an NBS (non-borrowing spouse); however, only actual borrowers may withdraw funds*
  • Two borrowers do not have to be married
  • Borrowers are responsible for property taxes, homeowners insurance, and all other property fees
  • Some reverse mortgage programs enable you to incorporate property taxes, homeowners insurance, and other property fees into the loan
  • With an FHA-insured loan, your principal loan limit is calculated based on either your home's appraised value or $822,375—whichever is lowest
  • With a Jumbo loan, you can draw up to $4 million in equity, depending on your home's appraised value
  • Reverse mortgage counseling is required to ensure you receive unbiased information about reverse mortgage loans and can be done face-to-face or over the phone
  • Similar to when applying for a traditional loan, a reverse mortgage financial assessment is also required (review of your credit history, source(s) of income, employment history, debts, etc.)

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