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