To get an FHA-insured reverse mortgage (HECM), the youngest borrower must be 62 or older, the home must be your primary residence, and you need enough equity to pay off any existing mortgage. You'll also complete HUD-approved counseling and a financial assessment.
Borrower requirements
- Age 62 or older. The youngest borrower must be 62 at closing. A younger spouse may qualify as an eligible non-borrowing spouse.
- Primary residence. You live in the home most of the year. Vacation and rental homes don't qualify.
- On title, with enough equity. Any existing mortgage or lien must be paid off at closing, using the HECM or other funds.
- U.S. citizen or lawful permanent resident. FHA has required this for case numbers assigned on or after May 25, 2025.
- No delinquent federal debt, such as unpaid federal taxes, unless it's on an approved repayment plan.
- HUD-approved counseling before you apply.
The financial assessment
The lender reviews your credit history, your history of paying property taxes and insurance, and your income compared with HUD's residual income guidelines. There's no minimum credit score in HUD's rules. If there are concerns, part of the loan may be set aside in a Life Expectancy Set-Aside (LESA) to pay future taxes and insurance for you.
Property requirements
- Single-family homes, and 2–4 unit homes where you live in one unit
- Townhomes and homes in planned communities
- Condos in an FHA-approved project (some single units may also qualify)
- Manufactured homes built after June 15, 1976, on a permanent foundation, on land you own
Co-ops generally aren't eligible. The home must meet FHA's standards for safety and soundness. Some repairs can be finished after closing with money set aside from the loan.
Not sure about one of these? The financial assessment and property rules have a lot of nuance. Ask us to look at your situation.