Eligibility and Requirements

Is a reverse mortgage right for you?

  • Borrowers must be 62 years of age or older
  • Your home must be your primary residence
  • You must own your home free and clear, or the existing mortgage is required to be refinanced with the reverse mortgage proceeds
  • Educational counseling with a HUD-approved counselor is required

Program Requirements

  • You or one of the borrowers must continue to live in the house
  • Taxes and insurance on the property must be kept current
  • The property must be maintained to FHA standards