The eligibility requirements for a HECM reverse mortgage are quite simple and do not impose any minimum or maximum limits on income:
- To qualify for a reverse mortgage, you must be 62 years of age or older and own your home (those with existing mortgages may also qualify.) Your home must be your primary residence and meet the minimum property standards established by the U.S. Department of Housing and Urban Development (HUD). The property must be a single-family or a one-to-four unit, owner occupied dwelling. Townhomes, detached homes, condominium units, planned unit development (PUDs), and some manufactured homes or new construction properties are eligible.
- All HECM reverse mortgage borrowers must have reverse mortgage counseling from a HUD-approved counseling agency. This session may be conducted with a power of attorney or court-appointed conservator/guardian if the borrower lacks legal competency. Counseling session will focus on the types of reverse mortgages available, the suitability, costs associated with, and other services available.
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