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

(59)

Extremely Patient, Courteous, and Helpful My father recently concluded a reverse mortgage for which Mr. Larry McAnarney was the loan officer.  I sat in with my father on several of the discussions to help him through the process.  Mr. McAnarney was extremely patient, courteous and helpful.  He answered all of our questions and went out of his way to make sure that my father understood his options and was comfortable.  His conduct was very professional, while exhibiting genuine care for the elderly client whom he was serving.  Both my father and I felt very confident about his knowledge, ethics and professionalism.  I would recommend Mr. McAnarney to anyone considering the option of a reverse mortgage.      

Jackie V — May 15, 2018

Very Thoughtful and Professional Larry is a very thoughtful and professional person. He carefully and with great patience took me through the process and gained my respect and trust. Always available and always following up, without the sales push and aggressiveness of other companies I talked with. Great person to work with and I highly recommend him      

Javier I — Feb 13, 2018

Made Me Feel Comfortable Larry was very patient,explained everything..answered all questions..he made me feel very comfortable about doing a reverse mortgage... thank you Larry for all your help.

Darlene W — Nov 14, 2014

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This material has not been reviewed, approved or issued by HUD, FHA or any government agency. The company is not affiliated with or acting on behalf of or at the direction of HUD/FHA or any other government agency.

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Illinois Residential Mortgage Licensee; Arizona Mortgage Banker License #0935256: Georgia Residential Mortgage Licensee No. 36793; Originator License No. 40299; Kansas Originator License LO.0001032; Licensed by the New Jersey Department of Banking and Insurance; Texas Mortgage Banker Registration in-state branch office 6044 Gateway East, Suite 236, El Paso, TX 79905(branch NMLS 1244676) RMF is not licensed or registered to engage in mortgage loan origination activities in Hawaii or New York.