Reverse Mortgage Guidelines

For many homeowners, a large portion of their wealth is tied up in their home—but accessing that equity can feel complicated, especially in retirement.

A Reverse Mortgage is designed to help you tap into your home’s equity without having to sell or take on a traditional monthly mortgage payment.

Whether you're looking to supplement retirement income, pay off an existing loan, or simply create more financial flexibility, this program provides a solution built around your stage of life.

Even if you’ve had credit challenges or are currently behind on your mortgage, you may still qualify.

Program Highlights:

• Available for homeowners 55+ (Jumbo programs)

• Available for 62+ (Standard / Non-Jumbo)

• Access equity with no required monthly mortgage payments

• Can be eligible even if currently in default

• Minimal income required

• Qualify using pension, Social Security, or retirement income

• Funds can be received as lump sum, line of credit, or monthly payments

Eligible Property Types:

• Single-Family Homes

• Condos

• Townhomes

• 2–4 Unit Properties (must occupy one unit)

Requirements:

• Must meet age requirement (55+ Jumbo / 62+ standard)

• Primary residence

• Sufficient home equity

• Must maintain property (taxes, insurance, upkeep)

• Financial assessment (basic income review)

FAQs

Do I still own my home?
Yes. You remain on title and keep ownership.

Do I have to make monthly payments?
No required monthly mortgage payments, as long as you live in the home and meet program guidelines.

Can I qualify if I have limited income?
Yes. Many borrowers qualify using Social Security or retirement income.

What happens if I’m behind on my mortgage?
You may still be eligible, and the reverse mortgage can be used to pay off your existing loan.

Will the bank take my home?
No. This is a common misconception. Reverse mortgages follow standard lending guidelines—borrowers remain homeowners as long as they meet basic obligations like taxes, insurance, and occupancy.