The eligibility requirements for a home equity conversion mortgage (HECM) reverse mortgage are quite simple and do not impose any minimum or maximum limits on income:
- To qualify for a reverse mortgage, you must be 62 years of age or older and own your home (those with existing mortgages may also qualify.) Your home must be your primary residence and meet the minimum property standards established by the U.S. Department of Housing and Urban Development (HUD). The property must be a single-family or a one-to-four unit, owner-occupied dwelling. Townhomes, detached homes, condominium units, planned unit development (PUDs), and some manufactured homes or new construction properties are eligible.
- All HECM reverse mortgage borrowers must have reverse mortgage counseling from a HUD-approved counseling agency. This session may be conducted with a power of attorney or court-appointed conservator/guardian if the borrower lacks legal competency. The counseling session will focus on the types of reverse mortgages available, their suitability, their associated costs and other available services.