Can one qualify for FHA's HECM reverse mortgage?

Asked by Trulia Brooklyn, Brooklyn, NY Thu Feb 7, 2013

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Michael Denn…, Agent, Queens, NY
Fri Feb 8, 2013
Yes, every day 1000s of people take advantage of the benefits provided by FHA's HECM Reverse Mortgage. You are eligible if you meet the following basic criteria:

You must be at least 62 years old
Reside in a 1-4 family home or HUD-approved condo as your primary residence
Have sufficient equity in your property
Not be delinquent on any Federal debt
Participate in a consumer information session with a HUD-approved HECM counselor

Your credit score does not matter neither does your mortgage payment history. However, you may have to document that you have sufficient income to cover property taxes and homeowner insurance on the home.

A reverse mortgage is a fantastic way for seniors to access the equity in their home to improve their qualify of life or even to purchase another home. But like all major financial decisions, one should get the facts and carefully consider the pros and cons before taking this major step. Consult with a licensed experienced loan officer from an FHA-approved lender for further information. I am available to answer your questions and can be reached directly at 917-699-0183 or via email at

Michael Denniston
Senior Loan Officer
NMLS License 24076
Cliffco Mortgage Bankers
New York, NMLS ID 860126
1 vote
herold_gomes, Home Owner, Brooklyn, NY
Thu May 2, 2013
In order to qualify for a reverse mortgage, all owners and co-owners of the home must be age 62 or older and at least one homeowner must reside in the home as their primary residence at least six months out of the year.

If you have any debt against your home, you must either pay it off before getting a reverse mortgage or use an immediate cash advance from the reverse mortgage to pay it off. If you do not pay off the debt beforehand, or do not qualify for a large enough immediate cash advance to do so, you cannot get a reverse mortgage. More we can learn… .Many seniors are going to find more ---………
10 votes
Shane Milne, Mortgage Broker Or Lender, South Jordan, UT
Fri Feb 8, 2013
Your question doesn't make a lot of sense.

Are you asking if someone can qualify for a FHA HECM reverse mortgage? If so, then the answer is "Yes", people can qualify.

You don't need to "qualify" for a reverse mortgage (although some lenders are now requiring to verify that there is income), you just need to be "eligible".… says:

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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