'Qualifications' Category Archives

Reverse Mortgage Qualifications & Requirements (2025 Guide) – See If You Qualify

October 19, 2025 18 comments

If you're a homeowner age 62 or older and want access to a portion of your home equity without selling or taking on new required monthly payments, a reverse mortgage may be an option. But you must meet HUD’s 2025 eligibility criteria for income, property, equity, and now citizenship status. This guide explains every qualification you need to know for...
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Reverse Mortgage Age Requirements for 2026 with Chart/Examples

September 27, 2025 22 comments

If you’re exploring a reverse mortgage, the first question is simple: how old do you need to be? For the federally insured Home Equity Conversion Mortgage (HECM), you must be at least 62 when the loan closes. That requirement remains the same for 2026. Your age also plays a direct role in how much you qualify for, since older borrowers...
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5 Options When You Don’t Qualify for a Reverse Mortgage (2025 Guide)

September 15, 2025 2 comments

If you've applied for a reverse mortgage and found that you don't qualify—or the amount offered isn't enough to pay off your existing mortgage—you're not alone. Many homeowners are surprised when changing interest rates or updated HUD limits reduce the proceeds they're eligible for. The good news? Even if you don't qualify today, you still have options. In this guide,...
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Reverse Mortgage Income Requirements in 2025

September 1, 2025 50 comments

Understanding Reverse Mortgage Income Requirements Welcome to our 2025 guide on reverse mortgage income requirements. This article explains the financial assessment underwriting guidelines, specifically the minimum residual income requirements established by HUD. These requirements play a crucial role in the lender’s application process, ensuring that you, as a borrower, can comfortably manage ongoing property-related expenses, such as property taxes, homeowners insurance, and...
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Understanding Reverse Mortgage Rules: Your 2025 Guide

June 17, 2024 19 comments

Reverse mortgages can provide older homeowners with financial flexibility, but navigating the rules doesn’t have to be daunting. As of 2025, important updates to reverse mortgage guidelines have been introduced, making it crucial for those 62 and older to stay informed. If you're considering tapping into your home equity, this guide simplifies the five essential rules for reverse mortgages. From...
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Reverse Mortgage Options for Veterans in 2025

February 25, 2024 17 comments

Question from our reader: "We have a reverse mortgage, but we were never told there was a reverse mortgage for veterans. We have quite a bit of equity in our home. Can we refinance our current reverse mortgage to a VA reverse mortgage?" [arlo_toc] Understanding Reverse Mortgage Options for Veterans in 2025 When exploring reverse mortgage options, it’s crucial...
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Reverse Mortgage Credit Requirements in 2025: What Borrowers Need to Know

January 31, 2024 66 comments

Updated: 9/17/2025 Qualifying for a reverse mortgage involves more than just your home’s equity—it also includes a review of your credit history. In 2025, lenders will focus on factors like payment history and satisfactory credit to determine eligibility. In this guide, we’ll walk you through the credit qualifications for a reverse mortgage, highlighting the criteria underwriters evaluate during the loan...
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Reverse Mortgage Credit: Tax Lien, Judgement & Collections

September 8, 2021 40 comments

[arlo_toc] How Credit History Can Affect Your Reverse Mortgage Eligibility Court judgments and outstanding state or federal tax liens can blemish your credit history and make borrowing difficult. These derogatory marks on your credit report can also hinder your ability to get a reverse mortgage. A reverse mortgage allows homeowners age 62 and older to borrow against their home equity,...
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Reverse Mortgage for Second Home or Investment Property?

March 1, 2019 29 comments

One question we often get from potential clients is: Can I take a reverse mortgage out on my second home? The short answer is no, not anymore. Prior to the financial crisis, some lenders did offer a private product that allowed borrowers to obtain a reverse mortgage on their second home. But today, most reverse mortgages are through the Federal...
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2018 Reverse Mortgage Condo Spot Approval Update

August 31, 2018 4 comments

ALERT: HUD Announces Condo Changes Effective October 15, 2019! I live in an active retirement community called Somers Village which is an ASSOCIATION. I applied for a reverse mortgage with AIG beginning in Jan 2018. working with a broker or agent. After 6-8 weeks of supplying all the required paperwork, etc, ending with the my condo appraisal. When my...
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