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Do I Qualify For a Reverse Mortgage Loan?
Learn What are Qualifications and Requirements.

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Do I Qualify for the HECM Reverse Mortgage? What are Rules to be Qualified for This Program.

Here are the qualification requirements for this program?
  • Borrowers must be 62 years or older
  • You own the home (can have existing mortgage)
  • Home must be your primary residence (you have to live in the home for a minimum of 183 days out of the year)
  • Never have defaulted on any Government debt (seniors who have defaulted on any government insured debts will not qualify)
  • Must have enough equity in the home (we cover this below in more details)
  • If you have existing mortgage, the reverse loan will pay it off, so you need to have enough equity available for this to happen.
  • Ability to pay for maintenance, home insurance, and taxes - seniors pay for those ongoing fees not the lenders
  • Mobile homes reverse mortgage (also qualify)
  • No income or credit scores are formally needed - this may change in the future
  • No medical requirements are in place at this time
Borrowers must be at least 62 years of age (if you are 60 days from your 62nd birthday you can start the process).
If one borrower is not yet 62, but you want to take a reverse mortgage you can, please be aware that if anything happens to the borrower while only one spouse is on the loan the HECM reverse mortgage would come due (repayment has to be made when you decide to sell, move, vacate for 12 months, or pass away)
If both borrowers are on the loan, the loan does not come due until both borrowers pass away.
Equity needs to be available in your home for you to qualify - equity can be calculated by taking the value of the home minus any outstanding debts/liens/tax liens against the home.
Simple example: if your home is worth $200,000, but you currently have a mortgage of $50,000 then you have $150,000 available in equity.
This must be your primary residence for you to qualify, this means you must live in the home for at-least 183 days out of the year.
If you are trying to take a reverse mortgage on a second home or investment home, you will not be able to qualify for the HECM reverse.
In order to be eligible for a reverse mortgage, you cannot have made any late payments or be in default with any government debts/liens/taxes.
The requirements and rules for the program are in constant change and within the next three months there will be major changes coming. Most of the changes are positive ones that will allow the program to be around for a longer period of time, but some of the changes will impact how much a senior can borrow. This will be an issue for those younger seniors who don't have a lot of equity built up in the home. 
If you are unsure if you qualify, please give us a call and or just fill out the quote form above. Most seniors do not know how much the home is worth, and we have free ways to figure this out on your behalf. If one spouse is under the age of 62, fill out the form above since this is a bit more complex compared to both borrowers being above 62.
Ultimately, even if you qualify, it is important to compare different reverse mortgage lenders. We have invested heavily in this website and into tools that allow us to compared top HUD approved reverse mortgage banks. We reduce the amount it time it takes to get a quote, and our main goal is to get you the lowest rates.



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Qualifying for the reverse mortgage is easier than you think. Knowing what are the requirements is important and we are going to review them with you.

For more information do no hesitate to contact our friendly call center staff - calls are toll free 855-999-2293

Reverse Mortgage Lenders Direct inc. or * does not offer loans or mortgages. * is not a lender or a mortgage broker and does not provide mortgage relief assistance. * is a website that provides information about mortgages and loans and does not offer loans or mortgages directly or indirectly through any representatives or agents. By submitting or completing to quote form on this page or any page on this webiste you are authorizing RMLD inc to validate the information. Contact our support if you are suspicious of any fraudulent activities or if you have any questions.* is not responsible for the accuracy of information or responsible for the accuracy of the rates, APR or loan information posted by brokers, lenders or advertisers. The actual mortgage rate you qualify for will depend upon the verification of the value of your home, your credit score and other considerations.

 * is not associated with the government, and our service is not approved by the government or your lender.       3000 NE 30th Pl, Ste 203, Ft. Lauderdale, FL 33306     855-999-2293

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