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Understanding Property Eligibility for Reverse Mortgages
A reverse mortgage is tied to the home itself, so property type, condition, and occupancy are important pieces of eligibility.
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The property must generally be the borrower's principal residence and meet FHA property standards for a HECM reverse mortgage.
Eligible property types commonly include single-family homes, certain multi-unit properties, approved condominiums, and some manufactured homes that meet program requirements.
If a repair issue appears during the process, the lender will explain whether it must be completed before closing or can be addressed through an approved repair process.