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What Are the Requirements For Obtaining a HECM Reverse Mortgage?
What Are the Requirements For Obtaining a HECM Reverse Mortgage?

You must be 62 years of age or older, and own your own home. Your home can be one unit in a multi-dwelling structure including condominiums, but cannot be a co-op. Any existing mortgage on the home must be paid off, and therefore it cannot be larger than the maximum cash draw available on the reverse mortgage plus any other funds the senior may have.