Reverse Mortgage Eligibility
- One borrower must be 62 years or better
- Own your home and have equity
- Home is required to be your primary residence (live in your home 6+ months per year)
- Property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo
- For a home purchase, you must have an adequate down payment for your new home based on your age*
*Not available in all areas. Please contact your Fairway reverse mortgage planner for more details.
- No credit score requirements, some income and credit qualifications apply to ensure you have the ability to pay taxes and insurance
A reverse mortgage is a way to turn the equity in your home into cash which is usually tax free* without having to make monthly mortgage payments. Instead of monthly payments, the loan is taken against a senior’s home equity and repaid in one lump sum when the last borrower leaves the home. As part of the loan, the borrower is required to continue paying property taxes, insurance and maintenance (and HOA fees, if applicable). These loans can potentially help seniors gain financial independence from increasing living expenses.