Skip to main content

Reverse mortgage

Reverse mortgage requirements

Reverse mortgage eligibility

If you’re thinking about your retirement options, you might be wondering if you meet the reverse mortgage requirements. A reverse mortgage is just one of many possibilities to supplement your retirement.

What are the standard reverse mortgage qualifications?

There are a number of requirements for a reverse mortgage. Here are some of the requirements:

  1. Age - You must be at least 62 years old to apply for a reverse mortgage. Reverse mortgages were designed for seniors and it enables them to supplement their retirement finances. 
  2. Home ownership - Your name must be on the title of the home if you want to apply for a reverse mortgage. It’s possible to meet reverse mortgage requirements without fully paying off the home, but the amount due must be low enough that the loan can cover it. 
  3. Type of home - Single-family homes and two- to four-unit apartment buildings qualify provided you live in one of the units. Manufactured homes and condominiums do qualify if they meet the requirements laid out by the U.S. Department of Housing and Urban Development's (HUD) Federal Housing Administration (FHA) and are FHA-approved. Homes on farmland or any other land that produces income do not qualify.  
  4. Counseling - Everyone who applies must first meet with a HUD approved Home Equity Conversion Mortgage (HECM) counselor to discuss options and financial requirements for a reverse mortgage. 
  5. Residency - The home you plan to use for a reverse mortgage needs to be your principal residence. This also means that you can’t live elsewhere for more than 12 months in a row without possibly being in default.

What are some of the reverse mortgage financial requirements?

We’ve already listed some of the standard requirements and now you might be wondering how much money you’ll need. The point of a reverse mortgage is to get access supplemental retirement cash, so it makes sense that the financial requirements are important. Two such requirements are as follows:

  • You cannot be delinquent on any federal loans
  • You must have the financial assets required to pay for property changes, including homeowner’s insurance, real estate taxes, maintenance & any other property fees

Find out more information about reverse mortgage requirements

To learn more about reverse mortgage requirements and the other financial products we have to offer, please contact Quontic Bank today at 1-800-388-7689.

Quontic Bank is a Member FDIC bank, regulated by the U.S. Office of the Comptroller of the Currency. We are authorized by the U.S. Department of Housing and Urban Development (HUD) to make Federal Housing Authority (FHA)-insured mortgage loans in all fifty states. We have an A+ rating from the Better Business Bureau and were named to the Top 200 Healthiest Banks In America in 2016, ranking No. 88 of the 6,199 federally insured banks in the U.S., according to DepositAccounts.com. We were also ranked the 12th largest reverse mortgage lender in the U.S. by "Reverse Mortgage Daily” in September 2017. Quontic Bank is a member of the National Reverse Mortgage Lenders Association (NRMLA) and holds NMLS ID 403503.

Disclosure: Content & information provided as a courtesy. In addition, such information should not be relied upon as the only source of information. Ask for additional details. Quontic Bank makes no representations or warranties as to accuracy or completeness of information & assumes no liability for use of this information. Terms, restrictions, conditions & fees for accounts, products, programs & services are subject to change without notice. Information is accurate & effective as of January 25, 2017. Additional lending terms, conditions, fees & exclusions may apply. Subject to eligibility & credit approval. Not all applicants will qualify. Not all products are available in all states or for all amounts. The information provided should not be construed as financial, legal or tax advice. Quontic Bank is a member of the National Reverse Mortgage Lenders Association (NRMLA) and holds NMLS ID 403503.

Top

You are leaving Quontic Bank

By clicking Continue, you will be taken to a website that is not affiliated with Quontic Bank. Please be advised that you will no longer be subject to, or under the protection of, the privacy and security policies of Quontic Bank's website. We encourage you to read and evaluate the privacy and security policies of the site you are entering, which may be different than those of Quontic Bank.

Continue

Unsecure Email Disclosure

Your privacy is very important to us. We would like to advise you that Internet email is not a secure method of communication. Please do not submit any information that you consider confidential. We recommend you do not include any specific identifying information such as your social security, account, PIN numbers, date of birth, etc...

Continue

Affiliate Website Notice

By clicking Continue, you will be taken to our affiliate's website. Products and services offered shown will be provided by our affiliated entity. Some products offered may not be FDIC insured. Please read the privacy and security policies on our affiliate's website. In some instances, these policies may differ from those of Quontic Bank Group.

Continue