Check Your Reverse Mortgage Eligibility

Understanding HECM Eligibility Requirements

The Home Equity Conversion Mortgage (HECM) is the most common type of reverse mortgage, insured by the Federal Housing Administration (FHA). To qualify, you generally must:

• Be at least 62 years old — all borrowers on the title must meet this age requirement
• Own your home and live in it as your primary residence
• Have sufficient equity — typically 50% or more, though this varies by age and interest rates
• Maintain the property — keep up with property taxes, homeowner's insurance, and basic maintenance
• Complete HUD counseling — a mandatory session with an approved housing counselor
• Meet financial assessment criteria — your lender will verify you can meet ongoing obligations

Learn more in our comprehensive eligibility requirements guide.

What If I Don't Qualify?

If you don't currently meet HECM eligibility requirements, you may have other options:

• Proprietary reverse mortgages — some private lenders offer programs for borrowers as young as 55 or for higher-value homes that exceed HECM limits
• Home equity line of credit (HELOC) — if you have good credit and income, a HELOC may provide access to your home equity
• Downsizing — selling your current home and moving to a less expensive property can free up equity
• Wait and revisit — if age or equity is the limiting factor, your situation may change in the near future

Explore all your options in our reverse mortgage basics section.