Eligibility & Requirements

Exactly what you need — and what you don’t — to qualify for a reverse mortgage with Long Beach Reverse Mortgage

One of the most common concerns seniors have is whether they will “qualify” for a reverse mortgage and what documents are required. The good news is that reverse mortgages have much simpler qualification standards than traditional loans.

At Long Beach Reverse Mortgage, I make the process easy, organized, and stress-free. Below is a complete checklist of what’s required — and why.

Eligibility Requirements (HECM Reverse Mortgage)

To qualify for an FHA-insured reverse mortgage (the most common type), you must meet the following:

1. You must be at least 62 years old (for FHA HECM)

For jumbo/proprietary reverse mortgages, minimum age may be 55.

2. The home must be your primary residence

You must live in the home the majority of the year. You can still travel, take long trips, or be gone for medical reasons for up to 12 months.

3. You must have sufficient equity in the home

The amount needed varies by:
• Age • Home value
• Loan type • Interest rate environment I calculate this for you during our consultation.

4. Your home must meet basic FHA property standards

Most homes qualify easily. Common issues (like peeling paint, missing smoke detectors, or minor repairs) can usually be handled through a lender holdback.

5. You must demonstrate the ability to maintain property taxes & insurance

This is not a traditional income qualification. It’s a simple financial assessment that ensures you can meet ongoing homeowner obligations.

6. You must complete a HUD-approved counseling session

This is required for your protection and ensures:
• You understand the loan
• You know your options
• You can ask questions independently
Counseling can be done by phone or Zoom.

Eligibility Checklist for Jumbo Reverse Mortgages

Jumbo (proprietary) reverse mortgages may allow:

Many Long Beach homeowners in high-value neighborhoods qualify for jumbo options when FHA limits are too low.

Documents Needed to Apply

The documentation for a reverse mortgage is minimal compared to other mortgage types. Here’s what you’ll typically provide:

1. Identification

2. Proof of Homeownership

3. Home-Related Documents

If your home is in a trust, I review it to ensure it meets FHA or investor requirements.

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4. Income Documentation (Light Review)

You do not need high income to qualify.
Reverse mortgages use a basic residual income test, not traditional underwriting.

Examples of documents you may provide:

Even modest income usually qualifies.

5. Asset Information (If Requested)

Only needed if the lender wants to verify the ability to pay taxes & insurance:

This is far simpler than a forward mortgage.

No Employment Required

Reverse mortgages do not require:

This is one of the reasons they work so well for retirees.

No Minimum Credit Score Requirement

A reverse mortgage does not require a high credit score.
Credit is reviewed mainly to ensure you’ve historically paid:

Credit challenges are usually not a problem.
Past medical collections, old late payments, and low scores are very common among retirees and rarely prevent approval.

Credit is reviewed mainly to ensure you’ve historically paid:

Common Issues That Are Easily Fixed

The following small issues almost never derail a reverse mortgage:

Minor home repairs
Missing carbon monoxide or smoke detectors
FHA-required paint repairs
Insurance policy updates
Title corrections
Trust amendments
Paying off smaller liens through the loan

I help coordinate everything so it’s simple and stress-free.

Items That Could Require Extra Steps (But Are Fixable)

In nearly every case, these issues can be resolved.

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Quick Summary

To qualify for a reverse mortgage through Long Beach Reverse Mortgage, you need:

To be 62+ (or 55+ for jumbo options)
A primary residence
Adequate equity
Ability to maintain taxes & insurance
A home that meets basic safety standards
Completion of HUD counseling

The documents required are minimal, the process is simple, and most issues are easily fixed with guidance