How Do I Qualify

To be eligible for a HUD reverse mortgage, HUD's Federal Housing Administration (FHA) requires that the borrower is a homeowner, 62 years of age or older; and living in the home. Credit and inocme are not factors in determining eligibility.

Can I apply if I didn't buy my present house with FHA mortgage insurance?
Yes. It doesn't matter if you didn't buy it with an FHA-insured mortgage. Your new HUD reverse mortgage will be a new FHA-insured mortgage loan.

What types of homes are eligible?
Your home must be a single family dwelling or a two-to-four unit property that you own and occupy. Townhouses and units in condominiums are also eligible with few exceptions. Some manufactured homes are also eligible.

What's the out-of-pocket cost?
With AAA Reverse Mortgage Specialists, Inc. there are no out of pocket expenses except for the appraisal fee.

Fortunately for everyone, HUD regulates the closing fees for the reverse mortgage program and the rest of the reverse mortgage closing costs are financed with the loan.

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