reverse mortgage basics
Who Is Eligible for a Reverse Mortgage?
Which of these requirements do you have to meet to be eligible for most reverse mortgages?
- You need to have enough income to make a monthly mortgage payment.
- You have to have a good credit history.
- You and whoever else owns the home must be at least 62 years of age.
“C” is correct. You, your spouse or partner, and all other owners of your home must meet this age requirement. You also need to have built up a significant amount of equity or own your home outright. Starting in January, 2014, lenders may check your finances to make sure you have enough money to maintain your homeowner’s insurance and property taxes.