What are the eligibility requirements?
In order to be eligible for a potential reverse mortgage, borrowers must be at least 62 years old, must be a homeowner and either own home outright or have significant equity; must live in home as primary residence (live there 6+ months per year). Their property must be a single-family home, 2- to 4-unit dwelling or FHA-approved condo. The property in question must meet minimal credit and property requirements and must receive reverse mortgage counseling from a HUD-approved counseling agency. Lastly, it must not be delinquent on any federal debt.