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Reverse Mortgage Income and Credit Requirements in 2024

Reverse Mortgage Blog
May 08, 2023•0 min read

Are you over the age of 62 and searching for a way to access your home equity without selling? A Reverse Mortgage may be a great option for you. It allows homeowners aged 62 and older to borrow against their home’s equity with no monthly repayment required, provided certain loan requirements are met.

Verify Your Reverse Mortgage Eligibility

As the borrower, this may seem like the perfect solution; however, there are still important credit criteria and income qualifications which must be satisfied before one can proceed with obtaining a reverse mortgage.

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Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.

Phil Ganz

Phil Ganz has over 20+ years of experience in the residential financing space. With over a billion dollars of funded loans, Phil helps homebuyers configure the perfect mortgage plan. Whether it's your first home, a complex multiple-property purchase, or anything in between, Phil has the experience to help you achieve your goals.

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For more than 20 years, Phil have been helping customers achieve
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invaluable resources and support.

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Next Wave Mortgage is not affiliated with any government agencies. These materials are not from VA, HUD or FHA, and were not approved by VA, HUD or FHA, or any other government agency.

Reverse mortgage borrowers are required to obtain an eligibility certificate by receiving counseling sessions with a HUD-approved agency. The youngest borrower must be at least 62 years old. Monthly reverse mortgage advances may affect eligibility for some other programs.

This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply.

Complaints may be directed to: [email protected]. For licensing information, please visit http://www.nmlsconsumeraccess.org