Eligibility & Requirements

Approval for a LendAmerica Financial Group, Inc. reverse mortgage loan is a fairly simple process; however, there are a few basic prerequisites:

To Qualify:

  • You, and any other titleholder(s) of your home, must be aged 62 years or over
  • You should have a sufficient amount of equity built up in your home. Your Reverse Mortgage Advisor can help you determine if you have enough equity to qualify
  • You must pay off any 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 the Federal Housing Administration (FHA) minimum property standards, but you may be able to use your reverse mortgage loan funds to pay for repairs that may be required
  • Evidence of a completed counseling session with a HUD-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. Your residence must also be located in an eligible state where LendAmerica Financial Group, Inc. is licensed and offers reverse mortgage products.

Lend America Financial is commited to provide Miami reverse mortgage candidates with outstandung quality service to make this process simple as possible.  

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