Discover if you’re eligible for a reverse mortgage
Reverse mortgages are fast becoming a popular financial planning tool — but they’re not right for everyone.
Check if you fit the requirements.
- All borrowers on the home’s title must be at least 62. The older you are, the more funds you can receive from a reverse mortgage
- The property must serve as your primary residence for the life of the reverse mortgage. That means vacation homes and rental properties are not eligible
- You’ll meet with a Department of Housing and Urban Development (HUD)-approved reverse mortgage counselor to make sure you fully understand and are comfortable with the reverse mortgage process and terms of your loan
- Single-family homes, or 2-to-4 unit properties with one unit occupied by you
- Manufactured homes (built after June 1976) that meet HUD requirements
- Condominiums that are FHA-approved †
- You have the financial ability and willingness to meet your loan obligations, which include paying property-related taxes and insurance, and keeping up with regular home maintenance and repairs