What are the basic requirements for a reverse mortgage?

To be eligible for a reverse mortgage, you’ll need to meet the requirements set by the federal government:

  • All borrowers must be age 62 or older (this applies to all co-owners listed on the home’s title).
  • The home must be your principal residence. And it must meet standards set by the United States Department of Housing and Urban Development (HUD) on property type and condition. You may be able to use your reverse mortgage to pay for any required repairs in order to meet these standards.
  • Eligible property types include single-family homes, 2- to 4-unit properties, manufactured homes meeting certain criteria, condominiums that are approved by the Federal Housing Administration (FHA), and townhouses. Co-ops do not qualify.

Verified Reviews

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Larry Knows His Business Larry did a great job with follow up when I needed questions answered. Still a little in the fog about how to pull more funds from my account, if I have a need down the road.

Jim D — Jul 17, 2015

Larry Was Very Professional Larry was very professional and courteous. Explained everything in layman's terms and always responded quickly to my questions. I highly recommend Larry for Reverse Mortgage services.    

Bill Z — May 11, 2020

A Pleasure to Work With Larry was a pleasure to work with. He was very knowledgeable, pleasant, and patient with our endless questions and phone calls. He kept us updated with the next steps both by email and phone as well as providing us with a packet of information which helped us understand the reverse mortgage process. We would certainly recommend him to anyone considering a reverse mortgage      

Bud & Betty C — Dec 5, 2018

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