Reverse Mortgage – How Much Equity Is My Home Required To Have?
Generally, your home should at least have 60% of EQUITY. Example, if your home is valued at $475,000, if you owe less than $200,000 we can help you with a Reverse Mortgage. If you are not sure about the calculations, please call me at 562-881-9811 so I can help you. You can also use our automated Reverse Mortgage Calculator.
Reverse Mortgages at a Glance
To qualify for a reverse mortgage you must:
- Be at least 62 years old
- Own your home
- Meet minimum credit and income requirements
- Have equity in the house to pay off any outstanding balances
- Your home must be your principal residence