A homeowner must be at least 62 years of age to obtain a reverse mortgage. If more than one person is on the title (such as two spouses), both must be at least 62 years of age to qualify.
There are no income, medical, or credit requirements for a borrower to receive a reverse mortgage.
Reverse mortgages can be obtained on single family homes, 1-4 unit homes with one unit occupied by the borrower, condos, townhouses, and manufactured homes.
A reverse mortgage must be in the first lien position, meaning that all other mortgages on the residence must be paid off prior to closing or with funds received from the new reverse mortgage.
A homeowner must receive third party counseling from a source approved by the Department of Housing and Urban Development (HUD) prior to obtaining a reverse mortgage. This generally consists of a 45 minute counseling session, explaining the borrower’s legal and financial obligations. Approved counseling agencies can be found here.