Any homeowner age 62 or older can apply for a reverse mortgage, based on the eligibility requirements described below. But a reverse mortgage isn’t just about eligibility—it’s also about suitability. We can help you explore your choices, so you can determine what’s right for you.
To be eligible for a reverse mortgage, you’ll need to meet requirements set by the federal government:
All borrowers must be age 62 or older (this applies to all co-owners listed on the home’s title).
The home must be your principal residence. And it must meet standards set by the U.S. Department ofHousing and Urban Development (HUD) on property type and condition. You can, however, use your reverse mortgage to pay for any required repairs in order to meet these standards.
Eligible property types include single-family homes, 2-4 unit properties, manufactured homes, condominiums, and townhouses. Co-ops do not qualify.
Even if you still have a conventional mortgage on your home, you may be eligible for a reverse mortgage. It would first be used to pay off the existing mortgage(s), and then any remaining proceeds would be yours. Many homeowners use a reverse mortgage just for this purpose, freeing themselves from the burden of monthly mortgage payments.