Reverse Mortgage Qualifications: How to Qualify

Qualifying for a reverse mortgage generally depends on your age, the type of reverse mortgage, your home and available equity, and your ability to meet the ongoing obligations of the loan. Requirements can vary between FHA-insured HECM and proprietary reverse mortgage programs.

What Are the Qualifications for a Reverse Mortgage?

Reverse mortgage qualifications vary depending on the loan program, but several factors are generally considered:

• Age: Eligibility depends on the reverse mortgage program. HECMs are available to homeowners age 62 and older, while some proprietary reverse mortgage programs may be available beginning at age 55, depending on the program and state.
• Home Equity: You generally need sufficient equity in the home. The amount available can depend on factors such as age, home value, existing mortgage balances, interest rates, and the specific reverse mortgage program.
• Property Type: The home must meet the eligibility requirements of the selected program. Eligible property types and requirements can differ between HECM and proprietary reverse mortgages.
• Occupancy: Reverse mortgages are generally designed for a borrower’s primary residence.
• Financial Assessment: Lenders evaluate factors such as income, assets, credit history, and payment history to determine the borrower’s ability and willingness to meet ongoing property obligations. Requirements vary by program.
• Property Charges: Homeowners remain responsible for applicable property taxes, homeowners insurance, HOA dues or assessments, and maintaining the property according to the loan requirements.
• Counseling: Counseling requirements depend on the reverse mortgage program. HECMs require counseling with a HUD-approved housing counseling agency, while proprietary programs may have different counseling requirements.

See What Your Reverse Mortgage Options Could Look Like

Every homeowner’s situation is different. By sharing a few details about your age, home value, current mortgage balance, and goals, I can help you understand which reverse mortgage options may be available and what the numbers could look like for you.

What Happens Next?

Once you submit your information, I’ll review your situation and prepare a personalized analysis based on your age, home value, current mortgage balance, and goals.

I’ll then walk you through the reverse mortgage options that may be available and answer any questions you have.

There’s no obligation and no pressure — just clear information based on your specific situation.