Who qualifies for a reverse mortgage?

Eligible property types and conditions must meet program rules. Existing mortgages or liens generally must be paid off at closing, often using reverse-mortgage proceeds. The available amount must be sufficient to handle required obligations and transaction costs.

The lender performs a financial assessment, including credit history, income, assets, and property-charge history, to determine whether the borrower can continue paying taxes, insurance, and maintenance. A set-aside may be required in some cases.

Proprietary reverse mortgages may have different ages, property values, and program terms. Eligibility must be reviewed against the specific product.