Who qualifies for a reverse mortgage?
THE SHORT ANSWER
For a HECM, the federally insured reverse mortgage, the youngest borrower must be at least 62. The home must be your primary residence, you need enough equity, and you'll complete HUD counseling and a financial assessment showing you can keep up taxes and insurance.
What this means for you
You can still have a mortgage.
- An existing mortgage is paid off from the reverse mortgage at closing.
- Your credit is reviewed, but the focus is on paying property charges.
A spouse under 62 can be protected too.
- A younger spouse can be named as an eligible non-borrowing spouse.
- Ask how that affects the amount available.
Proprietary loans fill the gaps.
- Higher-value homes may fit a proprietary (jumbo) reverse mortgage.
- Some proprietary programs have different age and condo rules.
The checklist
- Youngest borrower is 62 or older.
- The home is your primary residence.
- You have significant equity; any existing mortgage is paid off at closing.
- The property meets FHA standards: single-family, 2–4 units, FHA-approved condo, or eligible manufactured home.
- You complete counseling with a HUD-approved counselor.
- You pass the financial assessment, or a set-aside is arranged for taxes and insurance.
SOURCES
- HUD: Home Equity Conversion Mortgages for Seniors (hud.gov)
- HUD Handbook 4000.1, HECM eligibility
Rules change. This page is general education, not advice for your situation. Talk with a licensed professional before deciding.