Understanding the eligibility criteria for a HECM is crucial for homeowners considering this option.
Basic Eligibility
- Age: Borrowers must be 62 years or older.
- Homeownership: The home must be owned outright or have a low mortgage balance that can be paid off at closing with HECM proceeds.
- Primary Residence: The property must be the borrower’s primary residence.
- Property Type: Eligible properties include single-family homes, HUD-approved condominiums, and certain manufactured homes.
Financial Assessment
Lenders will assess the borrower’s financial situation to ensure they can meet ongoing obligations, such as property taxes and insurance.
Non-Borrowing Spouses
Protections are in place for eligible non-borrowing spouses, allowing them to remain in the home under certain conditions if the borrowing spouse passes away.
Learn More
For comprehensive eligibility information, visit:
👉 HUD FHA Reverse Mortgage for Seniors (HECM)
American Finance Equity Group L.L.C. 