In the News

Title

Forbes Takes Deep Dive into Reverse Mortgage Eligibility

Document Type

Article

Publication Date

2-24-2016

Abstract

n what has been a series of articles on various reverse mortgage related topics over the past few weeks, this time Forbes takes aim at the nuts and bolts of determining a borrower’s eligibility for Home Equity Conversion Mortgages.

There are several key requirements prospective borrowers must espouse to become eligible for a reverse mortgage, such as being at least 62 years old, undergo mandatory HECM counseling, have no outstanding debts, have equity in their home (or a mortgage balance that can be paid off), as well as exhibit the financial wherewithal to cover ongoing costs of property taxes, homeowner’s insurance and property maintenance expenses—to name a few.