Who Qualifies for a Reverse Mortgage?

To get a HECM, you must meet these FHA requirements:

Age Requirement

• At least ONE borrower must be 62 years or older

Primary Residence

• The home must be your primary residence — where you live most of the year

Equity Threshold

• Sufficient equity to qualify (typically 50%+ recommended after closing costs)

Occupancy

• You must occupy the property within 12 months of closing

Credit & Income

• Must meet financial assessment (not just credit score)
• Can have prior bankruptcy — depends on circumstances

Compliance Notice: Borrowers must be 62 years of age or older. HUD-approved counseling is required. A reverse mortgage is not a government benefit. The loan becomes due and payable when the last surviving borrower no longer occupies the home as their primary residence or fails to meet the obligations of the mortgage.