Find Out if You Qualify

To find out if you are eligible for a reverse mortgage loan, take a moment to review the following requirements:

1. All homeowners must be age 62 or greater to qualify for a reverse mortgage. The required counseling must be completed no later than six months before applying.
2. Each homeowner must live in the home as a principal residence at least six months out of the year. The only exception is if a co-owner is living in a health care facility.
3. To qualify for a reverse mortgage, the home must be a single family dwelling or a two-to-four unit property that is owned and occupied by the reverse mortgage borrower. Condominiums must be FHA-approved. Townhouses, detached homes, individual condominium units, and some manufactured homes are also eligible. Mobile homes are not eligible unless they qualify as being manufactured housing. To qualify as manufactured housing a unit must meet the following requirements (only an appraiser can determine if a home meets these requirements):
   • The home must be permanently attached to a permanent foundation when the loan is closed
   • The land must be owned by the borrower or have a long lease of at least 99 years that is renewable or a lease with a remaining term of at least 50 years beyond the 100th birthday of the youngest borrower
   • The home must be classified and taxed as real estate
   • The home must not have been previously installed or occupied at any other site or location
   • The home must have a floor area of at least 400 square feet
   • The home must meet Federal Manufactured Home Construction and Safety Standards, as evidenced by a certification label affixed to the home (only homes built after June 15, 1976 can qualify for this certification)

Only a lender can determine whether a borrower qualifies for certain for a reverse mortgage loan. If all of the above requirements above are not met, a potential borrower may still wish to verify their eligibility by contacting a reverse mortgage lender.

Potential borrowers considering a reverse mortgage loan may wish to attend a reverse mortgage education session offered by a HUD-approved non-profit counseling agency. Please review the list of member RMCA counseling agencies in the Senior Homeowner section of the Web site.