Eligibility Of Reverse Mortgages.
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While reverse mortgages provide powerful financial benefits, they also come with specific eligibility requirements. Review the criteria below to see if you may qualify.
Reverse mortgages are designed for homeowners 62 and older who want to access their home equity while continuing to live in their home.
To qualify, you must meet certain age, residency, and property requirements, and be able to maintain ongoing obligations like taxes and insurance.
To be eligible for a reverse mortgage, you must be at least 62 years old, own your home outright or have a low remaining mortgage balance, and live in the home as your primary residence. The property must also meet specific standards — it must be a single-family home, a multi-unit property (up to four units with you living in one), or an approved condominium or manufactured home.
In addition to property and age qualifications, you’ll need to undergo a financial assessment to ensure you can continue meeting basic obligations like paying property taxes, homeowners insurance, and maintaining the home. You’ll also need to complete a HUD-approved counseling session to make sure you fully understand how the loan works and what to expect over time.
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