Who is eligible for a reverse mortgage?

Borrowers must meet these requirements to get a reverse mortgage:

  • Meet minimum age requirements for the loan.
  • Live in the home as their primary residence home.
  • Have enough equity in their home.
  • Be able to pay ongoing home costs (taxes, insurance, upkeep).

Age requirements differ by state and product:

  • HECM loans. Borrowers must be at least 62.
  • HomeSafe loans. Borrowers must be:
    • 55 or older in most states.60 or older in Massachusetts, New York, and Washington.
    • 62 or older in North Carolina and Texas.

HomeSafe availability varies by state.

This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.

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