What Are The Qualifications To Get A Reverse Mortgage?

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.

Reverse Mortgage Common Questions | WSFS Bank

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

What percentage of equity is required to qualify for a 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