Reverse Mortgages of Florida Home > All About Reverse Mortgages > Eligibility Requirements for a Reverse Mortgage

Eligibility Requirements for a Reverse Mortgage

To qualify for a reverse mortgage you must meet these requirements:     
  • All homeowners are at least age 62    
  • Sufficient home equity:    
    • Your home is fully paid off       
    • OR you have paid off approximately 40% of the mortgage       
    • OR you have enough funds to pay down your mortgage by the "shortfall" amount        
Things that do not affect eligibility for a reverse mortgage:   
  • Income     
  • Credit history      
  • Discharged bankruptcy    
  • Health

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