Eligibility for a Reverse Mortgage

Like all loans, there are eligibility and qualification requirements. At least 1 homeowner must be at least 62 years old. Recent guideline changes now allow for a spouse to be under 62. The homeowner live in the house as their primary residence. They also must keep their property taxes and homeowner’s insurance current. They also must maintain the house in good upkeep.



Income Qualifications

Although there is no mortgage payment required, there are income requirements. The borrower must demonstrate that they have the ability to pay their property taxes, homeowner’s insurance, any minimum payments on the credit report, utility payments and still have a minimum amount of money left over for every day necessities such as food, gas, clothes etc.
Most of the time, a Senior can qualify on just Social Security. However, there are circumstances that a senior cannot. Please consult a Reverse Mortgage Professional as there are ways that can be worked out if you do not meet the minimum income standards.

Credit Qualifications

There are minimum credit standards. But being that this is a FHA loan and the government realizes that there are extenuating circumstances that cause negative credit. Things like medical conditions, deaths and job loss can all be reasons why we can get around negative credit situations. Please contact a Reverse Mortgage loan officer to go over the scenario.



Home Types

Any stick built Single Family Residence, duplex, triplex or 4-plex that is owner occupied and can meet minimum FHA Standards. Condo’s that are FHA approved or have the ability to be FHA approved. (contact a loan officer to see about details) And manufactured homes that are on original foundations that were built after June 1976 and are not located in flood zones.
Available Cash Out Proceeds
The cash out that is available is dependent on the home value, age of the youngest borrower (you can’t take off the youngest spouse to maximize cash out to insure protection of the youngest spouse.) and the amount of any and all required payoffs. Please consult a Reverse Mortgage loan officer for an accurate calculation.

Here are some of the requirements that are need to know a Reverse Mortgage Applicant

  • At least 1 spouse must be over 62

  • Must live in the house as their primary residence

  • Must be a Single Family Residence, FHA approved Condo, duplex, triplex or 4-plex.

  • Must keep property taxes current

  • Must keep insurance current

  • Must keep the house in good condition

  • Must have 25-50% equity in the house

Elegibility & Requirements

Contact Us

Bryan Wild, Branch Manager

Address:  3430 Robin Ln Ste 9C

                 Cameron Park, CA 95682


Office:     800-361-9357

Direct:     530-677-5484

Cell:         925-788-8949

eFax:       888-651-2607



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DRE #: 1266745
NMLS#: 26361

Sierra Home/Reverse Mortgage is a dba of Professional Mortgage Associates, California Bureau of Real Estate, Real Estate Broker 01902537, NMLS 815819