{"id":1673,"date":"2022-09-09T16:01:37","date_gmt":"2022-09-09T16:01:37","guid":{"rendered":"https:\/\/applyreverse.com\/?page_id=1673"},"modified":"2022-09-27T01:36:09","modified_gmt":"2022-09-27T01:36:09","slug":"eligibility-requirements","status":"publish","type":"page","link":"https:\/\/applyreverse.com\/?page_id=1673","title":{"rendered":"Eligibility &#038; Requirements"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-page\" data-elementor-id=\"1673\" class=\"elementor elementor-1673\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-a5ee8ce elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"a5ee8ce\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-7f4eba2\" data-id=\"7f4eba2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-65fbef1 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"65fbef1\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-e3d59e2\" data-id=\"e3d59e2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-56facdd elementor-widget elementor-widget-heading\" data-id=\"56facdd\" data-element_type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.1 - 15-02-2023 *\/\n.elementor-heading-title{padding:0;margin:0;line-height:1}.elementor-widget-heading .elementor-heading-title[class*=elementor-size-]>a{color:inherit;font-size:inherit;line-height:inherit}.elementor-widget-heading .elementor-heading-title.elementor-size-small{font-size:15px}.elementor-widget-heading .elementor-heading-title.elementor-size-medium{font-size:19px}.elementor-widget-heading .elementor-heading-title.elementor-size-large{font-size:29px}.elementor-widget-heading .elementor-heading-title.elementor-size-xl{font-size:39px}.elementor-widget-heading .elementor-heading-title.elementor-size-xxl{font-size:59px}<\/style><h2 class=\"elementor-heading-title elementor-size-default\">Reverse Mortgage Qualifications<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-bd47273 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"bd47273\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-ac14660\" data-id=\"ac14660\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-30e799e elementor-widget elementor-widget-image\" data-id=\"30e799e\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.1 - 15-02-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"300\" height=\"300\" src=\"https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/Lady_01-300x300.png\" class=\"attachment-medium size-medium wp-image-1243\" alt=\"\" srcset=\"https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/Lady_01-300x300.png 300w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/Lady_01-1024x1024.png 1024w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/Lady_01-150x150.png 150w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/Lady_01-768x768.png 768w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/elementor\/thumbs\/Lady_01-pu22xu67ax5kb5yuxcqxr80cntgylnwx0y36hspihc.png 200w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/elementor\/thumbs\/Lady_01-pu22xu67wujs461q4t6it9fj6hkrxjiryudrkhy4hw.png 250w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/elementor\/thumbs\/Lady_01-pu22xu6725e9zkc41kkpc08ogcmmvb9rul659im2h4.png 180w, https:\/\/applyreverse.com\/wp-content\/uploads\/2022\/08\/Lady_01.png 1200w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-e9a02b5\" data-id=\"e9a02b5\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-170d810 elementor-widget elementor-widget-text-editor\" data-id=\"170d810\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.11.1 - 15-02-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#818a91;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#818a91;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>How Do I Know If I Qualify For A Reverse Mortgage?<\/p><p>-Sharon<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-3e5884b elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"3e5884b\" data-element_type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-8d3e832\" data-id=\"8d3e832\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-55131d8 elementor-widget elementor-widget-text-editor\" data-id=\"55131d8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-19302393 elementor-position-left elementor-vertical-align-middle elementor-view-default elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"19302393\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-icon-box-wrapper\"><div class=\"elementor-icon-box-content\"><h2 class=\"elementor-icon-box-title\">Am I Eligible for a HECM Reverse Mortgage?<\/h2><\/div><\/div><\/div><\/div><div class=\"elementor-element elementor-element-383dbac8 elementor-widget elementor-widget-text-editor\" data-id=\"383dbac8\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><ul><li>You must be age 62 or older (applies to all borrowers listed on the home\u2019s title).<\/li><li>You must live in the home as your principal residence.<\/li><li>The home must meet minimum property standards set by the U.S. Department of Housing and Urban Development (HUD)\u2014however, you may be able to use your reverse mortgage proceeds to pay for the required repairs to meet them.<\/li><li>You can\u2019t have any outstanding federal tax liens and must have made your property tax payments for the last two years.<\/li><\/ul><\/div><\/div><div class=\"elementor-element elementor-element-2ddbd1d elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2ddbd1d\" data-element_type=\"widget\" data-widget_type=\"divider.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-divider\">\u00a0<span style=\"color: var(--ast-global-color-2); font-family: Poppins, sans-serif; font-size: 24px; font-style: inherit; font-weight: 600; text-transform: capitalize; text-align: center; background-color: var( --e-global-color-20858dd6 );\">Can I Qualify if I Have a Mortgage?<\/span><\/div><\/div><\/div><div class=\"elementor-element elementor-element-5409b6e1 elementor-widget elementor-widget-text-editor\" data-id=\"5409b6e1\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>Having a mortgage on your home isn\u2019t necessarily a problem. <strong>Your reverse mortgage would first be used to pay off the existing mortgage(s), and then any remaining proceeds would be yours<\/strong>. Many homeowners use a reverse mortgage for this purpose, freeing themselves from the burden of monthly mortgage payments. <strong>With a reverse mortgage, no monthly mortgage payments are required.<\/strong><\/p><\/div><\/div><div class=\"elementor-element elementor-element-2056eb62 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2056eb62\" data-element_type=\"widget\" data-widget_type=\"divider.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-divider\">\u00a0<\/div><\/div><\/div><div class=\"elementor-element elementor-element-16e1c74b elementor-position-left elementor-vertical-align-middle elementor-view-default elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"16e1c74b\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-icon-box-wrapper\"><div class=\"elementor-icon-box-content\"><h2 class=\"elementor-icon-box-title\">How Much Equity Do I Need?<\/h2><\/div><\/div><\/div><\/div><div class=\"elementor-element elementor-element-ec15ce2 elementor-widget elementor-widget-text-editor\" data-id=\"ec15ce2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>The more equity you have in your home, the more likely it is that you can get cash from a reverse mortgage to\u00a0<a href=\"https:\/\/longbridge-financial.com\/blog\/money-tips\/10-ways-you-can-use-reverse-mortgage-proceeds\/\"><strong>supplement your retirement income<\/strong><\/a>, cover health care expenses, or take a trip. As a general \u201crule of thumb,\u201d your equity should be at least 50% of your home\u2019s value. As home values have risen in 2021, many homeowners are finding they can qualify for a larger amount than in the past. Use our\u00a0<a href=\"https:\/\/longbridge-financial.com\/reverse-mortgage\/longbridge-calculators\/\"><strong>reverse mortgage calculator<\/strong><\/a>\u00a0to see how much you could qualify to receive.<\/p><\/div><\/div><div class=\"elementor-element elementor-element-8a9282d elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"8a9282d\" data-element_type=\"widget\" data-widget_type=\"divider.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-divider\">\u00a0<span style=\"text-align: center; color: var( --e-global-color-secondary ); background-color: var( --e-global-color-20858dd6 );\">\u00a0<\/span><\/div><\/div><\/div><div class=\"elementor-element elementor-element-ec37a44 elementor-position-left elementor-vertical-align-middle elementor-view-default elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"ec37a44\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-icon-box-wrapper\"><div class=\"elementor-icon-box-content\"><h2 class=\"elementor-icon-box-title\">What Types of Homes Qualify?<\/h2><\/div><\/div><\/div><\/div><div class=\"elementor-element elementor-element-52f0b54 elementor-widget elementor-widget-text-editor\" data-id=\"52f0b54\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>The most common types of homes to qualify for reverse mortgage loans are single-family homes. However, multi-family homes (up to four units) can also qualify, as long as one of the four units serves as the borrower\u2019s primary residence. \u00a0Manufactured homes can qualify if they meet Federal Housing Administration (FHA) requirements. Condominiums can also qualify for a reverse mortgage, following specific guidelines from the Department of Housing and Urban Development (HUD).<\/p><\/div><\/div><div class=\"elementor-element elementor-element-2c16adf elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2c16adf\" data-element_type=\"widget\" data-widget_type=\"divider.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-divider\">\u00a0<span style=\"text-align: center; color: var( --e-global-color-secondary ); background-color: var( --e-global-color-20858dd6 );\">\u00a0<\/span><\/div><\/div><\/div><div class=\"elementor-element elementor-element-175100d elementor-position-left elementor-vertical-align-middle elementor-view-default elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"175100d\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-icon-box-wrapper\"><div class=\"elementor-icon-box-content\"><h2 class=\"elementor-icon-box-title\">What are the Financial Qualifications?<\/h2><\/div><\/div><\/div><\/div><div class=\"elementor-element elementor-element-8f96bac elementor-widget elementor-widget-text-editor\" data-id=\"8f96bac\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>To qualify for a reverse mortgage, homeowners must be able to pay their own property taxes, homeowner\u2019s insurance, and home maintenance. HOA fees, if applicable, will also need to be paid. Borrowers also cannot be delinquent on any federal debt. Lastly, you will need to meet with a HUD-approved reverse mortgage counselor before completing your loan application.<\/p><p>Many homeowners ages 62+ opt for a Home Equity Conversion Mortgage (HECM) due to its less stringent credit requirements. Unlike traditional mortgages where eligibility is based solely on income and credit worthiness, reverse mortgage eligibility accounts for much more \u2013 including equity in the home. And since monthly payments are optional and not required on a reverse mortgage*, having a high credit score is not as much of a determining factor.\u00a0<\/p><\/div><\/div><div class=\"elementor-element elementor-element-fce87b5 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"fce87b5\" data-element_type=\"widget\" data-widget_type=\"divider.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-divider\">\u00a0<\/div><\/div><\/div><div class=\"elementor-element elementor-element-d7879ee elementor-position-left elementor-vertical-align-middle elementor-view-default elementor-mobile-position-top elementor-widget elementor-widget-icon-box\" data-id=\"d7879ee\" data-element_type=\"widget\" data-widget_type=\"icon-box.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-icon-box-wrapper\"><div class=\"elementor-icon-box-content\"><h2 class=\"elementor-icon-box-title\">How Much Can I Borrow?<\/h2><\/div><\/div><\/div><\/div><div class=\"elementor-element elementor-element-53873565 elementor-widget elementor-widget-text-editor\" data-id=\"53873565\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>The more your home is worth, the more you can borrow. Home values have started to recover in many parts of the country, so you might be surprised at how much equity you have. The amount you qualify for also depends on the age of the youngest borrower, with older borrowers receiving more.<\/p><\/div><\/div><div class=\"elementor-element elementor-element-2cb4214 elementor-widget-divider--view-line elementor-widget elementor-widget-divider\" data-id=\"2cb4214\" data-element_type=\"widget\" data-widget_type=\"divider.default\"><div class=\"elementor-widget-container\"><div class=\"elementor-divider\">\u00a0<\/div><\/div><\/div><div class=\"elementor-element elementor-element-74d013b elementor-widget elementor-widget-text-editor\" data-id=\"74d013b\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\"><div class=\"elementor-widget-container\"><p>* Consult a financial advisor and appropriate government agencies for any effect on taxes or government benefits.<\/p><\/div><\/div>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Reverse Mortgage Qualifications How Do I Know If I Qualify For A Reverse Mortgage? -Sharon Am I Eligible for a HECM Reverse Mortgage? You must be age 62 or older (applies to all borrowers listed on the home\u2019s title). You must live in the home as your principal residence. The home must meet minimum property &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/applyreverse.com\/?page_id=1673\"> <span class=\"screen-reader-text\">Eligibility &#038; Requirements<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"site-sidebar-layout":"no-sidebar","site-content-layout":"page-builder","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"disabled","ast-breadcrumbs-content":"","ast-featured-img":"disabled","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","footnotes":""},"class_list":["post-1673","page","type-page","status-publish","hentry"],"_links":{"self":[{"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/pages\/1673","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/applyreverse.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1673"}],"version-history":[{"count":34,"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/pages\/1673\/revisions"}],"predecessor-version":[{"id":2416,"href":"https:\/\/applyreverse.com\/index.php?rest_route=\/wp\/v2\/pages\/1673\/revisions\/2416"}],"wp:attachment":[{"href":"https:\/\/applyreverse.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1673"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}