Last Updated on June 18, 2026 by mwyckoff
Reverse Mortgages on Your Primary Residence in Sarasota
Reverse Mortgage Requirements
Hello Sarasota residents! This is another article in a series of articles that I have written and that I hope you find informative about reverse mortgages, particularly if your primary residence is located in Sarasota. I have decided to write this article on this topic due to the substantial increase in home values in the Sarasota area over recent years. Rising home values in the Sarasota area is great news in general for Sarasota homeowners. In particular, rising home values make a reverse mortgage very attractive! I think rising home values is particularly worth noting for homeowners who have been thinking about getting a reverse mortgage but just haven’t started the application process yet. Recent surges in home values is important to note because a reverse mortgage loan amount is based upon a percentage of the value of your home. In other words, if your home is worth more, you can get a higher loan amount under a reverse mortgage.
Many of you may not be certain what the requirements are to obtain a reverse mortgage. Reverse mortgage requirements are actually quite simple. So simple, in fact, that many people can’t believe that there aren’t more requirements to get a reverse mortgage. I will list the requirements of a FHA HECM (Home Equity Conversion Mortgage) because this is the most widely used reverse mortgage program nationwide. The requirements to qualify for a reverse mortgage (FHA HECM) are as follows:
1. You must be a homeowner 62 years of age or older.
2. You must own the home outright (no mortgages) or have an outstanding mortgage loan balance low enough that it can be paid off with the proceeds of a reverse mortgage loan.
3. You must have the financial resources/ability to pay ongoing property expenses such as annual real estate taxes and homeowners insurance.
4. You must live in the home as your primary residence.
5. You must receive consumer information about reverse mortgages from a HECM counselor prior to obtaining the loan.
That is it!
So, if you have been considering getting a reverse mortgage loan, now may be the time to do it. I am happy to answer any questions you may have about getting a reverse mortgage. l am happy to use my experience to help guide you through the reverse mortgage process. All you have to do is pick up the phone and give me call – (941) 795-7525. If I am unable to answer, please leave a message and I will call you back as soon as I am able.
I look forward to helping you with this exciting opportunity. Thank you for reading this article and enjoy the rest of your day in lovely Sarasota!