🏡 What Is a Reverse Mortgage — and How Does It Really Work?
🏠 HECM for Purchase: Buying a New Home With a Reverse Mortgage
t’s not just about age — here’s what lenders really look for.
You’ve probably heard that you must be 62 or older to get a reverse mortgage. And while that’s true, it’s just one piece of the puzzle.
Understanding who qualifies for a reverse mortgage is essential for potential borrowers.
👉 Reverse mortgages (also called HECMs) are a powerful tool — but they come with specific rules and protections to make sure borrowers are set up for success.
Key factors determine who qualifies for a reverse mortgage, and it’s important to review these requirements thoroughly.
Here’s what you need to qualify, and what steps are involved before you can access your home’s equity through a reverse mortgage.
Curious about who qualifies for a reverse mortgage? Let’s dive into the eligibility criteria.
To understand who qualifies for a reverse mortgage, you must first meet some basic conditions.
Being over 62 is one of the first factors in who qualifies for a reverse mortgage, but there are others to consider.
✅ Basic Reverse Mortgage Eligibility Requirements
To qualify for a reverse mortgage, you must:
1. Be 62 years or older
Another requirement to note is whether you live in the home as your primary residence, which affects who qualifies for a reverse mortgage.
- If you’re married, only one spouse needs to meet the age requirement
- The younger spouse can still be protected under non-borrowing spouse rules
2. Live in the home as your primary residence
- You must live there at least 6 months of the year
- The home must be a single-family house, FHA-approved condo, townhome, or certain manufactured homes
Equity in your home is also a critical factor in determining who qualifies for a reverse mortgage.
3. Own your home with substantial equity
- You don’t need to own it free and clear
- But the less you owe, the more equity you can access
- Existing mortgages are typically paid off with reverse mortgage proceeds at closing
4. Be financially capable of maintaining the home
Being financially capable of maintaining your home is a vital part of who qualifies for a reverse mortgage.
Reverse mortgages don’t require monthly mortgage payments — but you’ll still need to:
- Pay property taxes
- Maintain homeowners insurance
- Keep the home in good condition
✅ Lenders perform a financial assessment to ensure you can meet these obligations.
5. Complete a HUD-approved counseling session
Before your reverse mortgage application can proceed, you’ll need to:
- Attend a short counseling session (in person or over the phone)
- Receive a certificate of completion
- Understand your options and obligations
Completing a HUD-approved counseling session is another requirement for those seeking to know who qualifies for a reverse mortgage.
📘 This is a consumer protection requirement — designed to empower you with knowledge.
💡 What Properties Are Eligible?
Most primary residences qualify, including:
- Single-family homes
- 2- to 4-unit homes (if one unit is owner-occupied)
- FHA-approved condos
- Manufactured homes that meet HUD standards
❌ Second homes, vacation properties, and most rentals are not eligible for HECMs.
As you assess your property, think about who qualifies for a reverse mortgage based on its type and condition.
🔢 How Much Equity Do You Need?
There’s no strict dollar amount — but you’ll need enough equity to:
- Pay off any existing mortgage
- Cover loan fees and insurance
- Leave enough remaining equity to qualify for monthly payments, a lump sum, or a line of credit
✅ We’ll run the numbers for you in minutes — no guesswork needed.
🏢 Why PRMI?
We help retirees and families:
- Understand eligibility before applying
- Get a clear picture of their equity, home type, and financial profile
- Complete the required counseling step with ease
- Structure a HECM that fits their retirement goals
Whether you’re just starting your research or ready to apply, we’ll walk you through it at your pace.
👇 Want to See If You Qualify for a Reverse Mortgage?
Let’s take a few minutes to review your age, property type, and goals — and we’ll tell you exactly what’s possible.
It’s essential to know who qualifies for a reverse mortgage to make informed decisions about your financial future.
We pride ourselves on helping clients understand who qualifies for a reverse mortgage through personalized guidance.