What types of houses are eligible for reverse mortgages?
I live in a split level, it is worth $250,000. Is this eliigible for a reverse mortgage if I am 73? What kinds of homes are you allowed to get a reverse mortgage on?
American Advisors Group | Phil Scott
The majority of reverse mortgages are taken on single family, one-unit homes. However, other eligible home types include FHA approved condominiums and PUD complexes, one to four unit homes if one unit is owner occupied, and some manufactured and mobile homes. If you meet the criteria for a reverse mortgage, the team of professionals here at AAG will be able to tell you if your home is approved. If we find out it isn't, then we can provide you with a list of items that could help you get your home approved.
To find out more information about reverse mortgages, please do order our educational pack for free. It comes with a brochure and DVD featuring former Senator Fred Thompson, and will give you all the information you need to get started with a reverse mortgage.
Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 3/28/2011
To find out more information about reverse mortgages, please do order our educational pack for free. It comes with a brochure and DVD featuring former Senator Fred Thompson, and will give you all the information you need to get started with a reverse mortgage.
Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
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Ask Your QuestionMore Questions
- Is there a set maturity date on the reverse mortgage?
- How will my reverse mortgage affect my eligibilty for other types of loans?
- Can I start paying off my reverse mortgage now?
- Do my property taxes differ with a reverse mortgage?
- Does the bank own my home after I sign up for a reverse mortgage?
- How do I apply for a reverse mortgage?
- How do I designate who will receive my reverse mortgage debt?
- Can I get a reverse mortgage if I have a part time job?
- Which reverse mortgage will cost me less?
- What are the pros and cons to a reverse mortgage?
- How do I know if I qualify for a jumbo reverse mortgage?
- What are the out of pocket expenses of a reverse mortgage?
- Would it be practical for me to get a reverse mortgage if I need financing for a short amount of time?
- Am I going to have to pay back my reverse mortgage if I choose to sell my home?
- What happens if my loan balance on my reverse mortgage is greater than my house value?
- How many lenders should I talk to before getting a reverse mortgage?
- What bills will I still be required to pay if I sign up for a reverse mortgage?
- What is the timeline and requirements I have to follow if I want to cancel a reverse mortgage?
- How long will I have to sign the paperwork once I get approved for a reverse mortgage?


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