What is required to be eligible for a reverse mortgage?
HUD requires that the borrower, or homeowner, is 62 years of age or older; owns their home outright, or have a low mortgage balance that can be paid off at the closing with proceeds from the reverse loan; and must live in the home. You are also required to receive consumer counseling from a HUD-approved counseling source prior to obtaining the loan. This can be done over the phone from your home.
