How to Qualify for a Reverse Mortgage

Video Transcript

"Hi my name is Bob Dixon and I'm better known as Mr. Reverse Mortgage and I'm a former HUD Agency counselor for reverse mortgages. Now the question today is how to qualify for a reverse mortgage. You know, there's not a lot to that. You have to be over the age of sixty two and own your own home. You'll have to go through a HUD approved counseling service, talk with them and have them explain things to make sure that you understand how a reverse mortgage works. The next step would be to have an FHA certified appraiser appraise the home. Now you can't have any federal debt so if you owe any money to the federal government that will have to be paid off at closing. And that's about all that's involved with that, age sixty two, own your home and that can be any type of single family home up to four units or it could be certain condos would be eligible. Even certain mobile homes were they own, they own their own property would be acceptable. And that's it. Again my name is Bob Dixon Mr. Reverse Mortgage have a nice day."