The Top 6 Reverse Mortgage Requirements

The Top 6 Reverse Mortgage Requirements Brought to you by MyHECM.com. Retirement resources for seniors, their families, and their advisors. A reverse mortgage is generally easy to qualify for but there are some basic reverse mortgage requirements. Before we dig into what those reverse mortgage requirements are, let's first cover some reverse mortgage basics. There are lot of misconceptions about how reverse mortgages actually work. Reverse Mortgage Basics A reverse mortgage is a unique home loan that gives you access to home equity without a mortgage payment and without giving up ownership of your home. No monthly mortgage payments are required as long as at least one borrower or non-borrowing spouse lives in and maintains the home and pays the property taxes, homeowner's insurance, and any HOA dues. You remain the owner of your home and you can leave your home to your heirs. Your heirs will inherit the equity in your home whether they choose to keep it or sell it. The reverse mortgage is a non-recourse loan. FHA covers the shortage if your home isn't worth enough to pay off the entire balance.