Transcription of Section C. Reverse Mortgage Borrower and Property ...
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Section C. Reverse Mortgage Borrower and Property ...
HECM ProtocolChapter 5, Section C5-C-1 Section C. Reverse Mortgage Borrower and PropertyEligibilityOverviewContentsThis Section contains the following topics:TopicSee Page1. Reverse Mortgage Borrower Eligibility5-C-22. Reverse Mortgage Property Eligibility5-C-53. Consideration of Modifications and Required Repairs5-C-84. Eligibility of Properties Held in Trust5-C-10 Chapter 5, Section CHECM Protocol5-C-21. Reverse Mortgage Borrower EligibilityChange DateMarch 18, for aHECMThe table below describes the Borrower eligibility requirements for a : Eligibility requirements for other Reverse Mortgage products vary fromthose for a EligibilityRequirementDescriptionBorrowe r AgeAll borrowers must be 62 or older. If both husband and wife are onthe title to the Property , they must both be at least 62 years old inorder to qualify for a younger spouse may take his/her name off the title of the propertyin order to allow the eligible spouse to participate.
single-family homes (one to four-unit properties) manufactured homes (built after June 1976) condominiums properties in planned unit developments (PUDs) townhouses, and properties held in a living trust. Newly constructed properties are eligible only if local authorities have issued a Certificate of Occupancy or its equivalent.
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