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

(208)

Great Job Larry was very helpful, answered my querstions not once but many times. He was very professional and polite.

Michael G — May 13, 2014

Methodical & Patient Larry was very methodical and patient with us as we learned about reverse mortgages. Most seniors my age do need an additional moment, or so, to process and adopt a new way of looking at the equity in your home.

Bryan M — Jul 23, 2024

It Was a Pleasure to Work with Larry It was a pleasure to work with Larry throughout the reverse mortgage process. He gave simple and thorough explanations to my questions, had endless patience and was always kind and happy to offer wise advice. Thank you Larry!

Sara K — Apr 13, 2020