Are There Income Requirements For A Reverse Mortgage?
No. A reverse mortgage does not require you to make monthly repayments so there are no income requirements such as with a traditional Mortgage or Home Equity Loan.
Can you get a reverse mortgage without a job?
Self-employed borrowers are eligible for reverse mortgages. If their self-employment income is required to meet the residual income, the borrowers would need to supply 2 years tax returns but if borrowers qualify on other income alone (i.e. Social Security income), many times lender will not ask for the tax returns.
Here are the Income Requirements for a Reverse Mortgage
How much do I qualify for reverse mortgage?
To qualify for a reverse mortgage, borrowers must own their home outright or have significant equity. Exactly how much equity do you need for a reverse mortgage? The specific percentage varies by lender and the type of reverse mortgage, but the general rule of thumb is to have at least 50% equity in your home.
How Much Equity Do You Need for a Reverse Mortgage? | LendingTree
What disqualifies you from getting a reverse mortgage?
A reverse mortgage may not be a good idea if: You currently have no mortgage, or a very low mortgage balance. You're underfunded for retirement. You don't have enough income for a regular mortgage or home equity loan. Your retirement income is very low.
What Is a Reverse Mortgage? | LendingTree