Eligibility requirements can vary depending on the type of loan and the lender. HECMs have the following requirements:
If your income is below 200% of the poverty line, the HUD counselor is required to see whether you qualify for any type of government help. If your income is above this level, ask the counselor to check on your behalf because they won’t do it automatically. You might be eligible for benefits you don’t know about. For example, a veteran discovers they are eligible for a housing grant through the VA.
If you are married, you and your spouse should both be listed as co-borrowers on the reverse mortgage so that if one spouse dies or has to move out for medical reasons, the other can continue living in the property and receiving money from the reverse mortgage.
However, this may not be possible if one spouse is younger than 62, the minimum age to take out an HECM reverse mortgage. In this case, only the spouse who is 62 or older can be listed as a borrower.
On Aug. 4, 2014, the govenment launched new protections for nonborrowing spouses. The spouse not listed on loan documents can continue living in the home after the borrowing spouse dies, provided that:
If the nonborrowing spouse is 62 or older after the borrowing spouse dies, he or she also could refinance the reverse mortgage loan to continue living in the property. Start your online application today!
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818 US Highway 202/206
Bridgewater, New Jersey 08807-1704
Call us today: 800-327-0123
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