'Qualifications' Category Archives

Reverse Mortgage Age Requirements: Choosing the Right Program for Your Needs

October 5, 2024     18 comments

Reverse mortgages offer older homeowners a way to access the equity in their homes without the burden of monthly mortgage payments.  The most popular option is the Home Equity Conversion Mortgage (HECM), insured by the Department of Housing and Urban Development (HUD).  This program provides a safe and reliable way for homeowners aged 62 and older to tap into their...
Read Full Article

Reverse Mortgage Income Requirements in 2025

July 1, 2024     46 comments

Understanding Reverse Mortgage Income Requirements Welcome to our guide on reverse mortgage income requirements!  This article will explain the financial assessment underwriting guidelines, particularly the minimum residual income requirements set 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, homeowner’s...
Read Full Article

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...
Read Full Article

Reverse Mortgage Qualifications & Requirements (2025) | Do You Qualify?

June 11, 2024     18 comments

If you're a homeowner aged 62 or older looking to access your home equity without selling, a reverse mortgage may be the right solution.  However, qualifying requires meeting specific criteria, including age, credit history, income, and property standards. This guide explains everything you need to know about reverse mortgage qualifications and requirements in 2025, including key eligibility factors, how lenders...
Read Full Article

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...
Read Full Article

Reverse Mortgage Credit Requirements in 2025: What Borrowers Need to Know

January 31, 2024     64 comments

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 approval process. ...
Read Full Article

5 Options When You Don’t Qualify for a Reverse Mortgage

December 15, 2022     2 comments

Many people who applied for a reverse mortgage sometime in the past but then applied again over the last year were surprised to see that when they looked at the numbers again, they received a lot less money now.  For some, the difference was so great that even though the past figures allowed them enough to repay the existing mortgage...
Read Full Article

Reverse Mortgage Credit: Tax Lien, Judgement & Collections

September 8, 2021     36 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,...
Read Full Article

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...
Read Full Article

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...
Read Full Article