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 Can I qualify for a HUD reverse mortgage?

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martin2020
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Join date : 2011-03-07

PostSubject: Can I qualify for a HUD reverse mortgage?   Fri Oct 07, 2011 8:16 am

Hi, Sonia. There are only 4 criteria to qualify for a reverse mortgage (HECM - Home Equity Conversion Mortgage):
1) everyone on title of the property must be at least 62 years old at closing.
2) it must be your primary residence.
3) there needs to be sufficient equity in the home. If you plan to purchase a home using a reverse mortgage (HECM Purchase), then you need a substantial down payment.
4) the home must be a Single Family Residence, some condos, some manufactured homes, co-ops in limited areas, and 1-4 unit owner-occupied buildings. For condos, manufactured homes and co-ops, you need to speak directly to a bank or broker that specializes in reverse mortgages; the answers are too specific and detailed for a site like this.



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