Eligibility for a home equity conversion mortgage (HECM), or federally insured reverse mortgage, requires the homeowner to be at least 62 years old and have substantial equity in their home.
Additional HECM eligibility requirements include:
• Living in the home as a primary residence
• Undergoing counseling with a HUD-approved, third-party counselor
• A financial assessment conducted by the lender
Proprietary reverse mortgage eligibility requirements, including age minimums, may vary by lender and state.