Can any homeowner get a reverse mortgage?
No. Here are the basic qualifications that must be met to be eligible for a reverse mortgage: • You must be a homeowner and live in the home as your primary residence; • You must ownt the home outright or have a relatively small outstanding mortgage balance that can be paid off with the reverse mortgage proceeds; • All homeowners on the title must be at least 62 years old; • The home must be in generally good repair, meet FHA property standards or be able to be brought up to standards using the reverse mortgage loan proceeds.
