|Eligible Borrowers: Eligibility, Qualification & What Controls Loan Amount.|
Who is eligible and qualifies for a Reverse Mortgage?
Seniors age 62 or older & who can demonstrate they can afford their home, by qualifying for the loan, much easier with no mortgage payment.
Those with no outstanding federal debt.
People with enough home equity.
Those who live in the property as their primary residence so, not investment properties or commercial operations such as a B & B. (But if you actually live in one of the units a 2-4 unit property may work).
Those who invest the time to understand RVM's, which includes taking the "counseling session".