There are several qualifications that you need to meet in order to get a HECM.
- All individuals on the title of the home must be at least 62 years old.
- The home must be your primary residence.
- You must own your home free and clear or have a significant amount of equity in your house. Reverse mortgage lenders require that their mortgage is the first mortgage on the home (meaning that they are the first to be paid if your house is foreclosed on). If you have a traditional mortgage on your house, you need to get enough from the reverse mortgage to pay it off.
- Your house must be a single family residence, condominium, townhouse and a 2-4 unit home with at least one unit occupied by you. You usually cannot get a reverse mortgage on a mobile home or a cooperative.
- The home must be completely constructed and have a certificate of occupancy.
- Your home’s condition cannot be below HUD’s minimum property standards.
- You must complete counseling with a HUD-approved counseling agency.
Reverse Freedom LLC
10050 S. State Street Ste. B,
Sandy, UT 84070