To qualify for a HECM reverse mortgage you generally must be 62 or older, live in the home as your primary residence, hold significant equity, complete HUD-approved counseling, and be able to keep up with property taxes, insurance, and upkeep.
Who and what qualifies
The most common reverse mortgage is the FHA-insured Home Equity Conversion Mortgage (HECM). Core requirements: at least one borrower is 62 or older; the home is your primary residence; you own it outright or have enough equity that the reverse mortgage can pay off any existing balance; and the property meets FHA standards. Eligible homes include single-family residences, FHA-approved condos, and owner-occupied 2–4 unit properties.
Counseling and financial assessment
Before applying you must complete a session with a HUD-approved counselor, who confirms you understand the loan. Lenders also run a financial assessment to verify you can cover ongoing property charges (taxes, insurance, HOA, maintenance). If there is concern, the lender may set aside part of the proceeds in a Life Expectancy Set-Aside (LESA) to pay those charges.
Ongoing obligations
A reverse mortgage has no monthly principal-and-interest payment, but you must continue to live in the home, pay property taxes and homeowners insurance, and maintain the property. Falling behind on these can trigger default, so budgeting for them is essential.
| Requirement | Typical |
|---|---|
| Age | 62+ (one borrower) |
| Occupancy | Primary residence |
| Equity | Substantial / owned outright |
| Counseling | HUD-approved (required) |
| Property types | SFR, FHA condo, 2–4 unit owner-occ |
Frequently asked questions
What is the minimum age for a reverse mortgage?
For a HECM, at least one borrower must be 62 or older. Some proprietary "jumbo" reverse mortgages start at 55, subject to lender rules.
Do I still own my home?
Yes. You keep title and ownership. The reverse mortgage is a lien, like any mortgage, repaid when the last borrower permanently leaves the home.
Do I need good credit?
There is no minimum credit score, but the financial assessment reviews your history of paying property charges. Weak history may require a set-aside (LESA).
Save Financial is a California-licensed mortgage brokerage (NMLS #377740, DRE #01875766). Figures are illustrative for 2026 and not an offer of credit.