Find your reverse mortgage fit
Qualifying for a reverse mortgage is simpler than most expect. Here's a clear overview of the requirements.
Not sure if you qualify? Our advisors will tell you honestly — even if the answer is no.
A reverse mortgage is not available to everyone — and that is by design. The program was created specifically for older homeowners who have spent years building equity in their homes and want to access it without selling or taking on a monthly payment.
The requirements are set primarily by the Federal Housing Administration for HECM loans, and by private lenders for Jumbo Reverse Mortgages. They are designed to protect borrowers — not to make the process difficult.
The good news is that most homeowners 55 and older who own their home and live in it as their primary residence are surprised to find out they qualify. Here is what you need to know.
Six things you need to qualify
These are the core eligibility requirements for a standard HECM reverse mortgage. Jumbo Reverse Mortgage requirements are similar but may vary — your advisor will clarify which apply to your specific situation.
Age 55+
You Must Be 55 or Older
The minimum age is 55. For co-owners, the youngest borrower must qualify. There is no maximum age.
Homeownership
You Must Own Your Home
You must own your home or have significant equity. Any existing mortgage is typically paid off at closing using the reverse mortgage.
Primary Home
It Must Be Your Primary Residence
The home must be your primary residence. Second homes and investment properties do not qualify.
Property Type
The Property Must Meet FHA Guidelines
Most single-family homes qualify. FHA-approved condos, townhomes, and certain manufactured homes may also be eligible.
Financial Assessment
You Must Pass a Financial Assessment
There is no minimum credit score, but lenders will confirm you can stay current on taxes, insurance, and home maintenance.
HUD Counseling
You Must Complete HUD Counseling
A short session with a HUD-approved counselor is required to ensure you fully understand the loan and your options.
Which homes qualify?
Most homeowners are relieved to find that their property qualifies without any issues. The HECM program covers a wide range of property types.
- Single-family homes
- 2–4 unit homes
- FHA-approved condos
- Townhomes & PUDs
- Eligible manufactured homes
- Vacation or second homes
- Investment properties
- Cooperative housing (co-ops)
Not sure if your property qualifies?
Ask an Advisor
There is no credit score requirement
Many homeowners assume they will not qualify because of past credit issues or limited income. In most cases, those concerns are not as significant as people fear. Here is an honest breakdown.
What Lenders Assess
- Your ability to stay current on property taxes
- Your ability to maintain homeowner's insurance
- Your ability to keep up with basic home maintenance
- Your history of paying property-related obligations
- Whether a Life Expectancy Set-Aside (LESA) may be appropriate to protect your loan
What Is NOT Required
- A minimum credit score
- Proof of employment or active income
- A debt-to-income ratio calculation
- A large down payment (for existing homeowners)
- Monthly mortgage payments going forward
If the financial assessment identifies a concern — for example, a history of late property tax payments — the lender may set aside a portion of your loan proceeds to cover these obligations going forward. This is called a Life Expectancy Set-Aside (LESA). It does not disqualify you — it simply ensures your loan remains in good standing.
Counseling — What It Is & Why It Matters
Federal law requires a session with an independent, HUD-approved counselor before your reverse mortgage can be processed — a built-in protection to help you understand the loan, your obligations, and your options.
- How reverse mortgages work
- Your rights and obligations as a borrower
- The long-term financial implications of the loan
- How the loan will affect your estate and your heirs
- Alternatives to a reverse mortgage worth considering
- Any questions you have — there are no wrong questions
When a reverse mortgage may not be available to you
We believe in being honest upfront. Here are the most common reasons an application is not approved — and what your options might be if any of these apply to you.
Under Age 55
The youngest borrower must be at least 55. If not, a reverse mortgage isn't available yet — but planning ahead with an advisor can help.
Insufficient Home Equity
Your mortgage balance may be too high. If proceeds can't cover it, you may not qualify — though additional funds could help.
Property Does Not Qualify
Some property types fall outside FHA guidelines. If your home does not meet eligibility rules, a Jumbo Reverse Mortgage may be an option.
Unable to Meet Ongoing Obligations
You must be able to maintain taxes, insurance, and upkeep. If not, approval may be limited depending on your financial assessment.
Delinquent Federal Debt
Unresolved federal debt may affect eligibility. This typically needs to be resolved before moving forward.
If any of these apply, call us before assuming a reverse mortgage is off the table. In many cases, there are solutions.
(888) 274-0009A quick way to assess your eligibility
This is not an official eligibility determination — only a licensed advisor can confirm your eligibility. But this checklist can give you a quick sense of where you stand.
Own a higher-value home? Different requirements may apply
The eligibility requirements described on this page apply primarily to the standard HECM reverse mortgage, which is subject to FHA lending limits. If your home's value exceeds those limits — or if your property does not meet FHA guidelines — a Jumbo Reverse Mortgage may be available to you.
Jumbo Reverse Mortgages are privately insured and carry their own eligibility criteria, which in some cases are more flexible than HECM requirements. Your Home Reverse advisor will confirm which product is right for your situation during your free consultation.
Most of our clients were surprised they qualified
Frequently asked questions
Reverse mortgages can seem confusing. Here are answers to the questions homeowners ask most.
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