Reverse Mortgages


Reverse Mortgages ~ Who is Eligible? - Part 1

There are many general questions that arise regarding reverse mortgages. Some questions have to do with the safety and prudence of a reverse mortgage. Other questions may be about your current income, or credit. Seniors and their families need help understanding if a reverse mortgage is the best loan for a particular situation. Over the next few days I am going to answer some of the common questions regarding reverse mortgages. Feel free to post your questions below or contact me directly.


Who is eligible for a reverse mortgage?

Reverse Mortgage

There is little criteria in qualifying for a reverse mortgage since there are no credit requirements and there are no employment or income requirements. Here are the two main factors regarding eligibility for a reverse mortgage

  1. You must be at least 62 years of age to qualify for a reverse mortgage. If you are married, than your spouse will also have to be 62 years of age (or older). 
  2. If you already own a home and would like a reverse mortgage (considered a refinance), you must have equity in your home. You may qualify if you have a mortgage currently on your home.

 AS OF JANUARY 1, 2009, YOU MAY PURCHASE A HOME USING A REVERSE MORTGAGE. In this case, you would have to have the available savings to satisfy the down payment needed. These savings, for example, could be your personal savings, proceeds from the sale of a home, or a retirement account that you can withdraw from.

The most popular type of reverse mortgage is known as the HECM, or the Home Equity Conversion Mortgage. This is an FHA loan, which you may know is a government loan. Although this is an FHA loan, there are many differences between an FHA reverse mortgage loan (HECM) and a traditional FHA loan.

Stay tuned for more information regarding a reverse mortgage.

If you need immediate assistance regarding a reverse mortgage, please feel free to contact our office at 856-415-7720 and ask for Steve Kappre, the Reverse Mortgage Specialist.


  1. Reverse Mortgages ~ Who is Eligible? - Part 1
  2. Reverse Mortgages ~ Payment Options - Part 2
  3. Reverse Mortgages ~ Expected Costs, Appraisals, and Title - Part 3
  4. Reverse Mortgages ~ Counseling - Part 4
  5. Reverse Mortgages ~ Is Reverse Mortgage Income Taxable? - Part 5
  6. Reverse Mortgages ~ What Happens When My Reverse Mortgage is Due? - Part 6
  7. Reverse Mortgages ~ Purchase a Home with a Reverse Mortgage - Part 7


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Steve Kappre is a Certified Mortgage Planner with Treasury Mortgage, a subsidiary of Aurora Financial Group, serving all 50 states, focusing on Gloucester, Camden, and Salem County, NJ. Steve specializes in;

• All areas concerning First-Time buyers; First-Time Buyer mortgages, grants, down payment assistance, tax credits, police and fire loans, rehab loans for first time buyers, and more.

• Reverse Mortgages for seniors age 62 or older.

• Equity Management strategies for high-end homes and high net worth individuals.

Contact Steve Kappre directly at 856-419-3561 or at

Comment balloon 4 commentsStephen Kappre • January 19 2009 10:20PM


Steve - these seem to be becoming more popular for the over 62 now.

I heard one good analogy as to why they have added benefit too. And that was that in years past, the home was what the parents wanted to leave for the kids as their inheritance. But nowadays, often the kids have done pretty well, they've bought a home already, they planned pretty well for their financial future, and the the kids are happy for the parents to take a Reverse Mortgage so the parents can have more money to enjoy their later years even more !

... that made a lot of sense to me and seemed to be something Reverse Mortgage officers could really impress upon when presenting the benefits of a Reverse Mortgage.

Good luck Steve ! Always good to see you in the comments :o)

Posted by Sheldon Neal, That British Agent Bergen County NJ (Bergen County, NJ - RE/MAX Real Estate Limited) about 12 years ago

Hey Steve,

I didn't know about purchasing a home using a reverse mortgage.  Knowing what I do about reverse mortgages - that confuses me.  Can't wait to here more about it.


Paul Howard

Posted by Paul Howard, Paul Howard Realty, 856-488-8444 (Paul Howard, Broker, Paul Howard Realty 856-488-8444) about 12 years ago

This is so onnnnnnnnnnnnnnnn!  I love reverses in the right situation.  There are people that just don't know how to do this speciality loan.  Work with someone who does.  Great info Steve.


Posted by Larry Bettag, Vice-President of National Production (Cherry Creek Mortgage Illinois Residential Mortgage License LMB #0005759 Cherry Creek Mortgage NMLS #: 3001) about 12 years ago

Sheldon - that is a great thought, and certainly more true than ever. We see families moving 5 and 6 times and even more, as opposed to my parent's generation and the one before, that bought and stayed in their house for 25, 30, 40 or more years.

Paul - I have yet to close one (only had 2 weeks so far to try!), but the idea is to save from having a senior completing two transactions. If they have the cash to put their home into a "position" for a reverse mortgage, why make them close and qualify for a regular mortgage, THEN make them pay all those closing costs again? Notwithstanding, it might be harder for a senior to obtain a regular mortgage in today's real estate and lending climate, and this may be the only way for some. I thin kit is a fantastic idea.

Larry - You said it right, in the the right situation. They really are a financial plannig tool in the right scenario. It is sad that they initially got a bad rap, and that many seniors may be suffering when it isn't necessary.

Posted by Stephen Kappre, Helping You Home (KW Hometown) about 12 years ago

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