- Must be 62 years of age or older.
- Must own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan.
- Must have the financial resources to pay ongoing property charges including taxes and insurance.
- Buyer must personally occupy the dwelling as primary residence
- Loan is based on the age of the youngest borrower or eligible non-borrowing spouse
- Loan amount is based on the lesser of appraised value or the HECM FHA mortgage limit of $625,000.