Larry McAnarney
815-703-4745

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

(229)

We were really unsure about doing a reverse mortgage We were really unsure about doing this type of loan, but Larry helped us through it and even though it seemed to take a long time, because of all the paperwork and the need for looking up files for them. But Larry kept us informed all along the way and assured us we were doing things correctly! Thanks, Larry, for all your help!

Erwin & Sharon H — Jul 14, 2022

Recommended by My Financial Planner Larry was sooo patient and guided me through the whole process. My circumstances were more complicated than usual and when I would get frustrated Larry spoke to me in a calming voice and explained that it was part of the process of obtaining approval. Thank you Larry

Sandi C — Jan 18, 2019

Reverse Mortgage for Purchase I just wanted to tell you that we were very happy purchasing our home using the reverse mortgage purchase program. Everything worked out perfect. Thanks again Larry

Ed & Rose S — Apr 24, 2018