Reverse Mortgage (HECM) or Home Equity Conversion mortgage

How old do you have to be to qualify for a Reverse Mortgage correct answer: 62 years or older Who retains ownership of the property correct answer: The Borrower When is the Reverse Mortgage due correct answer: When the owner sells the home or dies What is the minimum credit score to qualify correct answer: No minimum credit score What is the minimum DTI to qualify correct answer: No minimum DTI (no income verification) Why is there no minimum DTI/Credit score to qualify for a Reverse Mortgage correct answer: Because there are no payments being made What is the LTV based on correct answer: Age, older = higher LTV Does a reverse mortgage require counseling correct answer: Yes How many ways can you get your money through a Reverse Mortgage, and what are they called correct answer: 3 different ways Tenure Term Line of credit Reverse Mortgage: Tenure correct answer: Borrower receives monthly payments as long as they live in the home Reverse Mortgage: Term correct answer: Borrower receives monthly payments for a fixed period of time Reverse Mortgage: Line of credit correct answer: Wor