The basic eligibility requirements to get a reverse mortgage loan are:
All titleholders must be aged 62 (in some cases,60) years or over
Generally, you need at least 50% equity in the home (or down payment in the case of a purchase). This is NOT a hard and fast rule. It is dependent upon age and other factors.
The home must be your principal residence The home must meet HUD’s minimum property standards and be either a single-family residence, a residence in a 2- to 4-unit dwelling.
The down payment must be from qualifying sources (if a purchase).
You must complete a HUD-approved counseling session There are other financial requirements.
All potential applicants must go through a Financial Assessment. This is to make sure that all borrowers can meet the obligations of the property (taxes, insurance and other property charges) without the assistance of the loan.
Janus Mortgage Corporation is a mortgage broker licensed in the State of California, under the auspices of the California Bureau of Real Estate license number 02038085 and the National Mortgage License Registry NMLS Number 1690954, . All offers for loan programs are made for loans on California properties only.