Recipients of a reverse mortgage must be at least 62 years of age, and have enough equity in their home to qualify for a reverse mortgage. If owners of a home are married, they both must be 62 in order to qualify for a reverse mortgage. If a spouse is below the age of 62, he or she may have their name removed from the title in order to have the home qualify, but that can often be a risky decision, in the case of the of-age spouse passing away. If such a situation occurs, the loan will be due and the younger spouse (unless they’ve reached the age of 62 and had their name added back to the title) may be forced to sell the house in order to pay back the loan.
A financial assessment will be conducted to ensure that homeowners have a good history of paying for homeowner’s insurance and property taxes, and will be able to continue payments in the future.