To qualify for a reverse mortgage, you must:

• Be 62 years or older (for the youngest borrower).
• Own your home and live in it as your primary residence.
• Have sufficient equity in the property.
• Be able to keep up with property taxes, insurance, and maintenance.

Eligible property types include single-family homes, FHA-approved condos, and some manufactured homes.

Every HECM borrower also completes a HUD-approved counseling session to ensure full understanding of the program and its long-term impacts.