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)

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

Larry was great. He came out to my mom's house to help us with her reverse mortgage. Got the note secured in a matter of weeks. Thanks!

Reed H — Jun 2, 2025

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