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

(52)

Most Helpful-Right Decision I know that I made the right decision using Larry McAnarney. He was most helpful in going through the process of securing a reverse mortgage for me. I had spoken to at least three competitors of Larry, but none were as friendly and to the point as Larry was. Larry made the whole experience of a reverse mortgage pleasant. I would highly recommend Larry to anyone considering a reverse mortgage.

Harold P — Oct 15, 2014

Wonderful Experience I want to join the chorus of those who had a wonderful experience working with Larry. I was pretty sure that a reverse mortgage was the right path for my wife and myself to take at this stage of our lives, but she was somewhat reluctant and unsure. Larry was able to gain her confidence, as well as my own, in the manner of his presentation of just the facts - and his genuinely kind disposition. He was, as well, a very effective ally in dealing with the title company over a matter which was quite important to us. As a recently retired sales rep myself, I was most impressed by dealing with someone who truly puts the customer first.

Ted H — Feb 22, 2016

Step by step help along the way Larry McAnarney was recommended to me. Fortunately, I was able to contact him to assist me in securing a reverse mortgage. He talked to me in terms that I could understand which made my steps possible. He politely and patiently answered my questions and proposed some himself. There was always an update from him on progress or what I should be expecting. To have a person that is comfortable to have a conversation with is important to me. I felt that any question or comment I had was going to be received in a friendly and business like manner. After all the paper work was finished and the reverse mortgage was secured, he still phoned to check if I had questions. I have already recommended him to people who are retirement age, or to their families, in case this could be of assistance to their parents. Obviously, I have a high opinion of my experience.

Deanne R — Mar 31, 2015