To qualify for a reverse mortgage, there are the following conditions:
- The borrower and co-borrower (if any) must be at least 62 years of age.
- Multi family, mobile and manufactured homes must meet additional FHA requirements.
- The property must be your primary residence.
- The value of your home, which can be done through an appraisal, and the current mortgage must not exceed requirements for your zip code and age.
Remember, you can receive the money in one lump sum or in monthly installments. The reverse mortgage will not be due until you pass, move out or sell the home. See how much money a reverse mortgage could get you!