• Age. All owners listed on the deed must be age 62, or older.
• Financial. Unlike traditional mortgages, reverse mortgages do not require any minimum levels of income, credit, or asset qualifications.
• Occupancy. The property must be the primary residence of each borrower.
• Existing liens. Any current liens (mortgage, home equity line of credit, or other liens) secured by the property must be paid at the time of settlement. Thus, the proceeds of the reverse mortgage may be used to pay off any current lien balances.
• Consumer counseling. As an additional safeguard, the Department of Housing and Urban Development (HUD) requires that each prospective reverse mortgage borrower receive counseling provided by an independent HUD-approved counseling agency. This counseling is mandatory for all applicants, and is provided free of charge.

Property Requirements

The property must be the principal residence of the borrower. Second homes or investment properties are not eligible. Eligible property types may include:

• Single family residences
• 1-4 unit multi-family properties
• Condominiums
• Planned Unit Developments (PUD)
• Manufactured homes