Qualify Home Equity Conversion Mortgage

The Home Equity Conversion Mortgage is insured by the FHA and funded by Fannie Mae, making it a safe and secure option. It ensures that you can stay in your home as long as you choose. If you decide to sell your home, the sale proceeds will be used to pay the balance on the plan and the remaining equity is yours to keep. If you should pass away, the equity in the home will pass to your heirs. Your heirs can choose to sell the home or refinance the balance of the plan through a traditional mortgage.

To be eligible, you must own your home and be at least 62 years of age. You don’t need to have existing income to qualify, and there are no health, credit or income qualifications for a Reverse Mortgage.

Some homes do not qualify for the Home Equity Conversion Mortgage. These include homes that are less than one year old. Eligible home types include single family homes, two-to four-unit homes, condominiums, planned urban developments, townhouses, manufactured homes, and mobile homes. Cooperative apartments are not eligible in most states. Finally, your home must be in Virginia, Michigan, Maryland, Utah, Florida, Tennessee, Colorado, California, Washington, Massachusetts, West Virginia, Kentucky, South Carolina, Indiana, Delaware, Oklahoma, Nebraska, Missouri, Iowa, North Dakota, Minnesota, Kansas, Alaska, Alabama, Illinois, Hawaii, Ohio, Rhode Island, Maine, Texas, or Washington, DC.

Call 1-888-973-8377 to see if you qualify for a reverse mortgage.