There are two qualification for a reverse mortgage, your age and your home.
In order to qualify for a reverse mortgage you must be 62 years of age or older. In the case of a married couple the youngest spouse must be 62 years old. No other credit or income requirements are reviewed. No minimum or maximum asset requirements. Simply your age qualifies you.
The second qualification is your home. It must be your primary residence and can be a single family home, condo or mobile home. In the case of a condo, the HOA must be HUD approved (Rossmoor is a HUD approved complex.) Finally, it must pass an FHA appraisal. This appraisal will look at not only the value of the home, but also the basic “health and safety” condition of the home. These include a working hot water heater, stove, and heating system. Other things they inspect for are leaking roofs and trip hazards. We work with clients to help them meet these minimum health and safety standards.
Finally there must be sufficient equity in the home. You can’t be upside down in your current mortgage.