How To Prequalify For A Reverse Mortgage – If you decide to apply for a reverse mortgage, we’ll want to prequalify you first. The reason being, we don’t want you to spend money on the appraisal (or put down earnest money if using a reverse mortgage purchase loan) until you know that you are qualified for a certain loan amount.

Reverse Mortgages – Dllr – DEATH OF BORROWER: A reverse mortgage becomes due upon the death of the last surviving borrower. If an eligible non-borrowing spouse remains.