Qualification for Reverse Mortgage

To be qualify for reverse mortgage, you must be a homeowner, at least 55 year old and the home to secure the mortgage must also be your primary residence. Meaning you must live in the home for at least 6 months a year.

Paying Back the Mortgage

You are not required to make any regular payments on a reverse mortgage. You have the optio to repay the principal and interest in full at any time. However, you may have to pay a fee to pay off your reverse mortgage early.

You have to pay back when:

  • sell your home
  • move out of the home
  • last borrower dies
  • default on the loan

You can default on a reverse mortgage by:

  • using the money for anything illegal
  • being dishonest in your reverse mortgage application
  • letting your home fall into a state of disrepair that would lower its value
  • not following any conditions in your reverse mortgage contract