| Home Keeper: Eligibility Requirements |
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Eligibility Requirements With a Home Keeper Loan, you can get a monthly check as a supplement to your income just for owning and living in your house! The basic requirements to obtain this reverse mortgage loan requires that the borrower(s):
This reverse mortgage does have an age limit, which is 62 years of age for anyone applying for the loan and any co-borrowers (there can be up to three borrowers on the same loan). All of the borrowers on the Home Keeper Mortgage must consider the home in question their primary residence. While the home does not have to be completely paid off for you to apply for the reverse mortgage loan, you will be required to pay off the balance of your forward mortgage with the first draw from your Home Keeper Mortgage once you are approved.
To be eligible for the Home Keeper Mortgage from Fannie Mae, your home must meet certain requirements. The home must be a single-family house, condominium or a unit within a planned unit development (PUD). Visit our reverse mortgage lender directory and contact your local lender for more information on the requirements.
The next and final step before applying for the loan is for you to meet with an approved reverse mortgage counselor. This meeting is to help inform you of the advantages and disadvantages of a reverse mortgage and will also be an opportunity to have any questions you may have answered. |
