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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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December 15, 2018
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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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FHA.com is a one-stop resource for homebuyers who want to make the best decisions when it comes to their mortgage. With our detailed, mobile-friendly site, individuals can access information about different FHA products, the latest loan limits, and numerous other resources to make their homebuying experience easier. Take a look at some of the reviews from other FHA.com visitors!