There are generally four requirements to qualify for a reverse mortgage:

• The borrower must be a homeowner.
• The borrower must be age 62 or older.
• The home must be owned outright (no mortgage) or have a low mortgage balance.
• The homeowner must live in the home.

Income is generally not a factor, and no medical tests or medical histories are required.

You can be paid in a lump sum, in monthly advances, through a line of credit, or a combination of all three.

Once obtained, there are three additional requirements you need to agree to:

• The home must be maintained in good condition.
• Continued payment of property taxes and homeowners insurance.
• Title and ownership of the home must remain in your name.