Can I qualify for a HUD Reverse Mortgage?

To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older: owns their home outright or have a mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. There are NO CREDIT, NO INCOME, and NO HEALTH REQUIREMENTS.

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What is a Reverse Mortgage?

A reverse mortgage is a special type of home loan that lets a homeowner convert a portion of their equity in his or her home into cash. The equity built up over years of home mortgage payments can be paid to you. But, unlike a traditional home equity loan or second mortgage, no repayment is required until the borrowers(s) sells the home, passes away or no longer uses the home as their principal residence.

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