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1-847-767-5626
Who Can Get A Reverse Mortgage?
Any homeowner age 62 or older who meets the reverse mortgage eligibility requirements listed below can apply for one. We even have programs for some individuals who are as young as 55 in some instances.
To help you decide if a reverse mortgage is right for you, call us today at (847) 767-5626 and speak with one of our reverse mortgage consultants.
Am I Eligible For A HECM Reverse Mortgage?
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62 or older is the age to qualify for a reverse mortgage (applies to all borrowers listed on the home’s title).
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You must live in the home as your principal residence.
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The home must meet minimum property standards set by the U.S. Department of Housing and Urban Development (HUD)—however, you may be able to use your reverse mortgage proceeds to pay for the required repairs to meet them.
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You can’t have any outstanding federal tax liens and must have made your property tax payments for the last two years.
Can I Qualify If I Have A Mortgage?
Having a mortgage on your home isn’t necessarily a problem. Your reverse mortgage would first be used to pay off the existing mortgage(s), and then any remaining proceeds would be yours. Many homeowners use a reverse mortgage for this purpose, freeing themselves from the burden of monthly mortgage payments. With a reverse mortgage from Mortgage Forward, no monthly mortgage payments are required as long as you meet the terms of the loan—such as keeping current with property taxes, homeowners insurance, and home maintenance.