Reverse Mortgage Lenders Organization. Get the Facts about ALL Reverse Mortgage Options. Find Local HUD Approved Reverse Mortgage Lender.

	Reverse Mortgage Lenders Organization Get the Facts about All Reverse Mortgage Options Find Local HUD Approved Reverse Mortgage Lender	Live Operators Toll Free Information 1 (800) 435-2170

Eligibility Requirements

In general, to qualify for a Reverse Mortgage the youngest homeowner must be 62 years old or older and have sufficient home equity to pay off the mortgage balance, if any, from the proceeds of the loan.

Determining whether or not there is sufficient equity in the home is an FHA calculation that takes into account:

Current interest rate
Whether the rate will be variable or fixed
Age of the youngest homeowner
Location of the property

Things that do not affect eligibility for a Reverse Mortgage:

Income
Credit history
Discharged bankruptcy
Health of the homeowners

You should know if you qualify and, if so, how much you can expect to receive.

HUD Reverse Mortgages are Guaranteed by the Department of Housing and Urban Development and Insured by FHA

HUD's Federal Housing Administration (FHA) created Reverse Mortgages.. Reverse Mortgages are also known as HECM's, Home Equity Conversion Mortgages. HECM Loans are a Safe Government Regulated Program.