Reverse MortgageWelcome to TrueReverseMortgage.com. We will be your resource for anything about reverse mortgage for seniors.
Reverse Mortgage RequirementsQualifying for a reverse mortgage is relatively simple when compared to a traditional refinance or a purchase home loan. Credit scores and income are not used when applying for a reverse mortgage.
- Property must be the primary residence of senior
- 62 years or older
- Senior must complete one educational reverse mortgage/HECM course.
Types of Reverse MortgagesEven though there are 3 main types of reverse mortgages, the majority of the reverse mortgage market is made up of HECM reverse mortgage.
- federally-insured reverse mortgages (HECM) - insured by HUD that are backed by private institutions
- single-purpose reverse mortgages - offered by some state and local government agencies and nonprofit organizations
- proprietary reverse mortgages - those loans are typically single purpose loans that are used for low or moderate income borrowers