Unlike a traditional mortgage, there are no credit or income requirements when qualifying for a reverse mortgage. The amount that you could borrow under a reverse mortgage is determined by the following:
- Age of the youngest borrower all of whom must be at least 62 years old.
- Current interest rates
- Value of your home or HECM loan limit
Almost all home types are eligible for a reverse mortgage. If it is a mobile home, it is subject to an FHA inspection, needs to be built in the last 30 years, and have a permanent foundation on land you own.