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Requirements & Eligibility
Approval for a Genworth Reverse Mortgage is rather easy. While there are no income or credit score requirements, there are a few basic prerequisites:
To Qualify:
- You, and any other titleholder(s) of your home, must be aged 62 or over
- You should have a good amount of equity built up in your home. Your Genworth Reverse Mortgage Expert can help you determine if you have enough to qualify
- You can pay off your existing mortgage balance at closing with funds from the Reverse Mortgage or another source
- Your home must be your principal residence
- Your home must meet HUD's minimum property standards, but you can use your Reverse Mortgage to pay for repairs that may be required
- Speaking with an approved Reverse Mortgage counselor is also required. The Department of Housing and Urban Development (HUD) supervises counseling agencies that can work with you in person, or more commonly, over the phone. A Genworth Reverse Mortgage Professional can provide you with a list of authorized counselors
- Your home must be a single-family residence in a 1- to 4-unit dwelling, or a HUD-approved condominium; some manufactured housing is eligible, but cooperatives and many mobile homes are not. Your residence must also be located in an eligible state where Genworth Reverse Mortgage products are offered
You do not need income to qualify. You can even have bad credit, as long as there are no current government liens against your home.
Find out if you’re eligible by talking to a Genworth Reverse Mortgage Expert today. Schedule an appointment by calling 1.800.218.1415.
