Is Your Home Eligible for a Reverse Mortgage?

Short answer: Eligibility depends on your age, whether the home is your primary residence, how much equity you have, and the type of property — plus passing a financial assessment that looks at your credit and ability to keep up with taxes and insurance.

Age requirements

HECM requires the youngest borrower (or eligible non-borrowing spouse) to be at least 62, nationwide, with no exceptions. HomeSafe’s minimum age varies by state — 55 in Florida, 62 in Texas.

The home must be your primary residence

You must live in the home as your primary residence for most of the year. Second homes, investment properties, and vacation homes don’t qualify for either HECM or HomeSafe.

Property type matters

Single-family homes, most condominiums (with project approval), planned unit developments, and 2-4 unit properties are generally eligible. Manufactured and mobile homes have more limited eligibility depending on the program.

You’ll go through a financial assessment

Lenders review your credit history and your ability to keep up with property taxes, insurance, and HOA dues going forward — not to qualify you the way a traditional mortgage does, but to confirm the loan is a sustainable fit. If there’s a concern, a set-aside can sometimes be built into the loan to cover those costs directly.

Existing mortgages are fine — with one condition

If you still owe money on your current mortgage, it must be paid off at closing, typically using proceeds from the reverse mortgage itself.

Find out where you stand

Talk to us and we’ll walk through your specific home, age, and situation honestly.