Are You Eligible for a HECM Reverse Mortgage?
Reverse mortgages are fast becoming a popular financial planning tool — but they’re not right for everyone. Check if you fit the requirements below.
Ask Eric Ellsworth Your Reverse Mortgage Questions
Mortgage Loan Originator specializing in Reverse MortgagesServing El Dorado, Placer and Sacramento Counties | NMLS #225143
Borrower Profile
- All borrowers on the home’s title must be at least 62 years old. The older you are, the more funds you can receive from a HECM. If you are between the ages of 55 and 61 and are interested in a reverse mortgage, please reach out to me to discuss other loan options.
- The property must serve as your primary residence for the life of the reverse mortgage. That means vacation homes and rental properties are not eligible.
- You must have a minimum equity of 50%.
- You’ll meet with a Department of Housing and Urban Development (HUD)-approved reverse mortgage counselor to make sure you fully understand and are comfortable with the reverse mortgage process and terms of your loan.
Eligible Properties
- Single-family homes, or 2-to-4 unit properties with one unit occupied by you
- Manufactured homes (built after June 1976) that meet HUD requirements
- Condominiums that are FHA-approved*
- Townhouses
Financial Requirements
- You have the financial ability and willingness to meet your loan obligations, which include paying property-related taxes and insurance, any homeowners association fees, and keeping up with regular home maintenance and repairs.
Resources
From white papers to guides, we’ve got all the content you need to see if a reverse mortgage is right for you.
Retire Better with a Reverse Mortgage Guide
Learn what a Reverse Mortgage is, how it works, how it can be used in retirement and other important information.
Home Equity Conversion Mortgage (HECM) for Purchase
Learn how you can use a Reverse Mortgage, also called a HECM, to purchase a new home.
