Reverse Mortgage

Eligibility For a Reverse Mortgage

To be eligible for a HECM reverse mortgage, the Federal Housing Administration (FHA) requires that all homeowners be at least age 62. The home must be owned free and clear or all existing liens must be  satisfied with proceeds from the reverse mortgage. If there is an existing mortgage balance, it can be paid off completely with the proceeds of the reverse mortgage loan at  closing. Generally there are no  credit score requirements for a reverse mortgage.