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What are the basic requirements for a reverse mortgage?

April 26, 2017BASIC requirements reverse mortgage

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What are the basic requirements for a reverse mortgage?

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To qualify for a reverse mortgage, you must be age 62 or older and own your home (houses and condos qualify; those with existing mortgages may also qualify). Your home must be your principal residence and meet U.S. Department of Housing and Urban Development (HUD) minimum property standards.