Who Can Get a Reverse Mortgage?
You must own your home and all owners must be at least 62 years old. Your home generally must be your “principal residence” – which means you must live in it more than half the year. For a federally insured HECM, your home must be a single-family property, a two- to four-unit building, or a federally approved condominium or Planned-Unit Development (PUD). For Fannie Mae’s “HomeKeeper” mortgage, it must be a single family home, PUD or condominium. Reverse mortgage programs do not lend on cooperative apartments or mobile homes, although some “manufactured” homes may qualify if they are built on a permanent foundation, classed and taxed as real estate and meet other requirements. If you have any debt against your home, you must either pay it off before getting a reverse mortgage or use an immediate cash advance from the reverse mortgage to pay it off. If you do not pay off the debt beforehand, or do not qualify for a large enough immediate cash advance to do so, you cannot get a reverse m
