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How do I qualify for a reverse mortgage?

To be eligible for a reverse mortgage, you must be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. In addition, since January 2009, homeowners may also purchase a new principal residence with reverse mortgage loan proceeds. Regardless of the type of product you may choose, you will be required to receive consumer information from an approved reverse mortgage counselor prior to obtaining the loan.