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The FHA reverse mortgage plan is aimed at people sixty-two years old or older. FHA loan guidelines require the borrower to have already paid off the home or owe very little on the home.

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FHA.com is a privately owned website, is not a government agency, and does not make loans.

Are There Reverse Mortgage Requirements?

FHA Common Question #32

The FHA reverse mortgage plan is aimed at people sixty-two years old or older. FHA loan guidelines require the borrower to have already paid off the home or owe very little on the home. One of the rules for this type of loan is that the amount owed must be paid off with part of the proceeds from the reverse mortgage. The borrower must also dwell in the home as the primary living space.

Applicants are also required to get FHA approved counseling prior to being approved for the loan. The FHA reverse mortgage may have a few additional steps to take before getting the process completed, but the end result is well worth that extra effort.

NEXT:  Can Non-FHA Loans Become Reverse Loans?

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