Page 4 - WSAAG052_Your Guide to Reverse Mortgages Booklet

How Do You Qualify?

To be eligible for a HECM loan, you must:

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

Does Your Property Qualify?
For HECMs:

n Single-family homes or 2-4 unit n HUD-approved condominiums*
homes (You must occupy one of the
units) n Manufactured homes that meet
FHA requirements

4 *Jumbo loans do not require FHA approval