Reverse Mortgage Requirements | What You Need to Know

Reverse Mortgage

If you’re an older homeowner and need help managing expenses, you might consider a reverse mortgage.

Reverse mortgages are increasing in popularity with seniors who have equity in their homes and want to remain in their homes or supplement their income.

      
   4.9104 reviews

What is a reverse mortgage?

Insured by the US Federal Government, the Home Equity Conversion Mortgage (HECM) is FHA’s reverse mortgage program that enables you to withdraw a portion of your homes equity to use for home maintenance, repairs, or general living expenses. Borrowers may reside in their homes indefinitely as long as property taxes and homeowners’ insurance are kept current.

HECMS’s are also a popular option to purchase a new primary residence. This provides the ability to downsize or relocate from your current home as needed.

Home Purchase

There’s a lot to think about when buying a house – and it’s normal to have questions, especially if you are a first time home buyer.

Refinance

Maybe you want to change your term or lower your payment or payoff your loan faster. A rate and term mortgage could be your key to both.

Loan Options

Finding a great home loan involves careful consideration of your needs, finances and history. We are here to guide you.

Frequently Asked Questions

What IS Required for a Reverse Mortgage?

To be eligible for a HECM reverse mortgage, the primary borrower must be age 62 or older. The other requirements for a HECM include:

Must have at least 50% equity in the home
Must live in the home as your primary residence
Can’t be delinquent on any federal debt
Continue to pay homeowners insurance, property taxes, and any homeowners association dues

Does My Home Qualify?

Eligible property types include single-family homes, 2-4 unit properties, manufactured homes (built after June 1976), condominiums, and townhouses. Co-ops do not qualify.

How Do the Payments Work?

You can choose to receive the money from a reverse mortgage all at once as a lump sum, fixed monthly payments either for a set term or for as long as you live in the home, as a line of credit, or a combination of these.

How Much Money Can I Get?

The amount of funds you are eligible to receive depends on your age (or the age of the youngest spouse when there is a couple), appraised home value, interest rates, and in the case of the government program, the FHA lending limit, which is currently $1,249,125. If your home is worth more, then the amount of funds you may be eligible for will be based on the $1,249,125 loan limit.

How Can I Use the Money?

The proceeds from a reverse mortgage can be used for anything, whether its to supplement retirement income to cover daily living expenses, repair or modify your home (i.e., widening halls or installing a ramp), pay for health care, pay off existing debts, cover property taxes, or prevent foreclosure.

2026

Helping People Since

0 +

Customers Served

Helping Turn Dreams Into Realties Since 1998

We have the experience, the social track record, and access to the right resources to get loans done.

Ready to Buy or Refinance?

Take Our 60 Second Smart Homebuyer Quiz To Find Out How Much You May Qualify For

"*" indicates required fields

Step 1 of 6

URL

This field is for validation purposes and should be left unchanged.

What type of loan are you looking for?

What are your goals? We are committed to helping you reach them.*

Purchase

Refinance

Property location?*

Estimated Purchase Price / Value?

75000

Whats your estimated credit score?*

Excellent 740+

Good 700-739

Average 660-699

Fair 580-659

Whats your First Name?*

Whats your Last Name?*

Email*

Phone*

What Our Customers Say

       EXCELLENT  
   Based on 104 reviews 
    
 
 
 
   
 
 
      Posted on Google  
   
   Robert Ahlers 
 81 days ago
 
 
 Trustindex verifies that the original source of the review is Google. This is my second fourth time using Buckhead Home Loans. Briggs and his team are very efficient and their rates are always competitive.  I highly recommend them and will use them on my next purchase.
  
 
     Posted on Google  
   
   kw 
 90 days ago
 
 
 Trustindex verifies that the original source of the review is Google. We collaborated directly with Briggs Cline, a highly meticulous and precise professional. He promptly addressed all our inquiries and guided us through each step of the process with exceptional accuracy regarding dates and overall professionalism. We eagerly anticipate the opportunity to work with him again on future projects. I wholeheartedly recommend Buckhead Home Loans. Sincerely, The Wallace’s
  
 
     Posted on Google  
   
   nancy alexis 
 135 days ago
 
 
 Trustindex verifies that the original source of the review is Google. +1
especially Aaron I thank you so much for all those work for me be patient with me step-by-step for me to be done the right way
  
 
     Posted on Google  
   
   Carley Richey 
 195 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Buckhead Home Loans is the absolute best!! They are all very helpful and friendly. They make the home buying process go smoothly. Highly recommended using them for your next home purchase!
  
 
     Posted on Google  
   
   Edmond Henry 
 352 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Buckhead Home Loans are the absolute best when purchasing a property. They were very easy to work with, and kept me informed every step of the purchase. I would give them 10 stars!!!!!
  
 
     Posted on Google  
   
   Rick Musto 
 370 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Buckhead Home Loans has always taken care of my buyer clients with great communication and very competitive rates and pricing. Kris Thurman is one of their top Loan Officers.
  
 
     Posted on Google  
   
   Brianna 
 396 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Anthony & Debbie are absolutely FANTASTIC! My husband and I are both self-employed, which makes our income situation a little tricky. Where other lenders wouldn’t even give us a chance, Anthony and Debbie fought for us, confidently worked through the challenges, and found real solutions to get our loan approved. I worked as an underwriter for 7 years, so I know firsthand how difficult our file was — and they still got it done. We’re so impressed and so thankful. Thank you, Buckhead Loans!
  
 
     Posted on Google  
   
   Irene Hiyoshi 
 557 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Kris Thurman was very attentive, professional, and prompt with refinancing our Florida property. We are very happy with the successful and happy end result.
  
 
     Posted on Google  
   
   sherry donohue 
 636 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Aaron Craft and his team are very professional and efficient throughout the entire loan process.  I highly recommend Buckhead Home Loans for your next refinance,  or home purchase.
  
 
     Posted on Google  
   
   Tamar Saintil 
 647 days ago
 
 
 Trustindex verifies that the original source of the review is Google. Tommy was the absolute best!!! This is my second time working with him and I will work with him again and again. It was a smooth transaction and he’s made the home buying process so great! Thanks again!!!

Let's Find a Loan That's Right For You

Whether you are buying a new home, getting cash from your home’s equity, seeking a more affordable payment, or want to pay off your home loan sooner, our mortgage professionals explain your options simply and clearly — and offer you competitive rates and terms to help you save.

Our mission is to help give you the smartest path for homeownership, regardless of your starting point.

Years Experience

0 +

Dream it, Mortgage, and Make It Real

Loan programs, along with 100% financing options from Buckhead Home Loans aimed to make homeownership achievable.

Experience Homeownership with Ease

Personalized, low-pressure, action-oriented, focused on building trust while guiding clients toward the next step

1. Complete Your Application

Applicants can start online or over the phone to determine affordability.

2. Become a Certified Home Buyer

Once the loan application is received, your loan officer will review your loan options.

3. Time for Processing

A processor verifies information, orders the appraisal, title report, and homeowners insurance.

4. Closing on Your New Home

Once the loan is cleared to close, the loan documents are sent to the title company for signing.

(404) 303-7411

(404) 920-8988