Residence Eligibility

The subject property must be the borrower’s principal residence. A person can have only one principal residence at any one time. The property cannot be considered the principal residence if the borrower does not occupied the property for a period exceeding 180 days. In the case of co-borrowers, at least one borrower must occupy and use the property as their primary residence after the closing of the reverse mortgage and until the loan is due and payable. If a borrower fails to maintain the subject property as their principal residence it is considered a maturity event under the terms of the security instrument and may result in a demand for repayment of the reverse mortgage loan.