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Requirements & Eligibility
Approval for a Genworth Financial Home Equity Access, Inc. Reverse Mortgage is rather easy. While there are generally no income or credit score requirements, there are a few basic prerequisites:
To Qualify:
- You, and any other titleholder(s) of your home, must be aged 62 or over
- You should have a good amount of equity built up in your home. Your Reverse Mortgage Advisor can help you determine if you have enough to qualify
- You must pay off your existing mortgage balance at closing with funds from the Reverse Mortgage or another source
- Your home must be your principal residence
- Your home must meet HUD's minimum property standards, but you may be able to use your Reverse Mortgage to pay for repairs that may be required
- Speaking with an approved Reverse Mortgage counselor is also required. The Department of Housing and Urban Development (HUD) supervises counseling agencies that can work with you in person, or more commonly, over the phone. A Reverse Mortgage Advisor can provide you with a list of authorized counselors
- Your home must be a single-family residence in a 1- to 4-unit dwelling, or approved condominium; some manufactured housing is eligible, but cooperatives and many mobile homes are not. Your residence must also be located in an eligible state where Genworth Financial Home Equity Access, Inc. Reverse Mortgage products are offered
Find out if you’re eligible by talking to a Reverse Mortgage Advisor today. Schedule an appointment by calling 1.800.218.1415.
