Reverse Mortgage Frequently Asked Questions

Here are some frequently asked questions about reverse mortgages, how to qualify, the benefits and the process!

Question: How old do I have to be to qualify?

Answer: In most cases 62 - this is the age the FHA requires the youngest person listed on the title.

Question: Do I have to live in the house to get a reverse mortgage?

Answer: Yes! You must live in it an it must be your primary residence

Question: Can I get a fixed rate?

Answer: Yes - you will need to choose either a fixed rate or adjustable

Question: What type of housing is eligible?

Answer: Single family home or 2-4 unit home with one unit occupied by the borrower, HUD-approved condominium project, manufactured home that meets FHA requirements (sorry no sailboats!)

Question: What is the most I can borrow?

Answer: The FHA limit is $679,650

Question: Do I have to own my house outright?

Answer: No, but you have to have a sizable amount paid off - it will vary based on which loan option you choose.

Question: Can I get a line of credit

Answer: Yes this is available with an adjustable rate reverse mortgage