Below are some of the key requirements for applying for a reverse mortgage loan with Bates Reverse Mortgage.

To Qualify:

• All homeowners on title must be aged 62 years or over.
  • Some products allow for slightly lower age requirements at 55 years of age. A Bates Reverse Mortgage Advisory can help with a review of your eligibility.
• You should have a sufficient amount of equity built up in your home. We can also help you determine if you have enough equity to qualify.
• You must pay off any existing mortgage balance and all mandatory obligations at closing with funds from the reverse mortgage or another source.
• You must meet financial eligibility criteria as established by HUD.
• Your home must be your principal residence.
• Your home must meet the Federal Housing Administration (FHA) minimum property standards, however in some cases you may be able to use your reverse mortgage loan funds to pay for repairs that may be required.
• Evidence of a completed counseling session with a HUD-approved Reverse Mortgage counselor is also required. A loan advisor can provide you with a list of authorized counselors. You have the option of meeting with the counselor in person or by phone.
• Your home must be a single-family residence, a two-to-four unit* owner-occupied house, a HUD-approved condominium or a manufactured home that meets FHA requirements. Your residence must also be located in a state where Bates Reverse Mortgage is licensed and offers reverse mortgage products.

Call or click to speak with a Bates Reverse Mortgage Advisor and review your personalized reverse mortgage options.