Required Documents
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
3. 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.
3. You must have sufficient equity in the home
The amount needed varies by:
- Age
- Home value
- Loan type
- Interest rate environment
- IRA/401(k) distributions
I calculate this for you during our consultation.
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.
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
• Driver’s license or ID card
• Social Security card (or another appropriate document)
2. Proof of Homeownership
• Property tax bill
• Homeowner’s insurance policy
• Mortgage statement (if you have a current loan)
3. 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:
• Social Security award letter
• Pension or retirement income statement
• Bank statements showing deposits
• 1099s
• IRA/401(k) distributions
Even modest income usually qualifies.
4. Asset Information (If Requested)
Only needed if the lender wants to verify the ability to pay taxes & insurance:
• Bank statements (usually 2 months)
• Savings/investment account summary
This is far simpler than a forward mortgage.
5. Home-Related Documents
• Current mortgage payoff (I order this for you)
• HOA statement (if applicable)
• Trust documents (if the home is in a trust)
If your home is in a trust, I review it to ensure it meets FHA or investor requirements.
Frequently Asked Questions (FAQ)
Clear, honest answers to the questions Long Beach seniors and their families ask most
Over the years, I’ve answered thousands of questions from homeowners, adult children, financial planners, and families considering a reverse mortgage. These are the questions that come up the most — with simple, straightforward answers you can trust.
At Long Beach Reverse Mortgage, transparency is the foundation of every conversation, and this FAQ section makes the entire reverse mortgage process feel easy and stress-free.
No.
You do not make monthly mortgage payments on a reverse mortgage.
You must still:
- Pay property taxes
- Maintain homeowner’s insurance
- Keep the home in good condition
But there are no required mortgage payments.
Yes.
Reverse mortgages use a light credit review, not strict score requirements.
Many seniors qualify easily even with:
- Low credit scores
- Old collections
- Past late payments
- Medical bills
- Limited income history
It is much easier than qualifying for a traditional mortgage.
Not a problem.
A reverse mortgage will pay off your existing mortgage completely, and you no longer have a monthly mortgage payment afterward.
This is one of the biggest benefits.