You may be eligible if you are 62+ (or 55+ for some proprietary programs), occupy the home as your primary residence, have enough equity, and can pay ongoing taxes, insurance, and upkeep. Home must be an eligible property type.
Borrower eligibility
At least one borrower must meet the age requirement (62+ for HECM). If one spouse is younger, they may be listed as an eligible non-borrowing spouse, which can let them remain in the home if the borrower passes — an important protection to set up correctly.
Property eligibility
Eligible properties include single-family homes, FHA-approved condominiums (or units meeting single-unit approval), townhomes, and 2–4 unit buildings where you occupy one unit. The home must meet FHA property standards; required repairs can sometimes be funded from proceeds.
HECM vs. proprietary (jumbo) reverse
The federally insured HECM is capped by the FHA lending limit. For higher-value California homes, a proprietary (jumbo) reverse mortgage can unlock more, and some start at age 55. As a broker we compare both to see which frees up more usable equity for your situation.
Frequently asked questions
Can I get a reverse mortgage on a condo?
Yes, if the condo is FHA-approved or qualifies under single-unit approval. We can check your project or explore a proprietary option.
What if my spouse is under 62?
They may be an eligible non-borrowing spouse. Setting this up correctly protects their right to stay in the home. We walk you through it.
Is there an income requirement?
Not a traditional one. The financial assessment focuses on your ability to pay property charges, not a debt-to-income ratio for a monthly mortgage payment.
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.