A reverse mortgage is a fully-underwritten home loan, and consequently there are no blanket statements in regard to your specific situation. Speaking in general terms, however, to qualify for a reverse mortgage you must:


  1. Be age 62 or older;
  2. Own your home;
  3. Demonstrate income enough for:
    • your property taxes, homeowner’s insurance, and other property charges (such as condo dues and homeowner’s association fees, as applicable)
    • the monthly minimum due on your credit accounts
    • funds at month’s end to meet FHA’s income guidelines
  4. Your home must be your principal residence and it must meet basic U.S. Department of Housing and Urban Development (HUD) repair standards;
  5. HUD requires all prospective reverse mortgage borrowers to participate in reverse mortgage counseling. Click here to find a HUD-Approved counselor near you.