Page 4 - WSAAG052_Your Guide Booklet

How Do You Qualify?

To be eligible for a reverse mortgage, you must at a minimum:

n Be 62 years or older (a non- n Receive counseling by an
borrowing spouse may be independent, HUD-approved third
under age 62) party to confirm you understand
your obligations and responsibilities
n Own and live in your home as your with a reverse mortgage
primary residence
n Maintain the property and continue
n Undergo a financial assessment paying property taxes, homeowners
to ensure a reverse mortgage insurance, homeowner association,
can serve you as a sustainable, and any other applicable fees
long-term retirement solution

Property types that may qualify for HECM loans include:

n Single-family homes or 2-4 unit homes (you must occupy one of the units)

n FHA-approved condominiums
n Manufactured homes that meet FHA requirements

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