Last updated: July 2026
Quick answer
To qualify for a reverse mortgage, you generally need to be at least 62, live in the home as your primary residence, have significant equity, and meet basic financial and property standards. There is no minimum credit score, but lenders review your payment history and confirm you can cover ongoing costs. After closing, you remain responsible for property taxes, homeowners insurance, HOA dues if applicable, and general upkeep. Falling behind on these can put the loan into default.
Not sure whether you meet the reverse mortgage requirements? Get started with GO Mortgage for a personalized review.
Borrower requirements: Are you eligible
A Home Equity Conversion Mortgage (HECM), the FHA-insured reverse mortgage available to homeowners 62 and older, has a few core borrower requirements:
- The youngest borrower on the loan must be at least 62 when it closes; there is no maximum age
- You must occupy the home as your primary residence for the majority of the year
- You must be a U.S. citizen or lawful permanent resident and provide any documentation required to verify your residency status.
- You generally cannot have delinquent federal debt when the loan closes. Depending on the type of debt and HUD requirements, it may need to be resolved before or at closing.
- Any existing mortgage or eligible property lien generally must be paid off with HECM proceeds or other available funds at closing. That means you need enough equity to cover those balances and the loan’s required costs.
There is no universal minimum credit score for an FHA-insured HECM. Instead, the lender reviews credit and property-charge payment history to determine whether you have shown a willingness and ability to meet your financial obligations.
They focus on patterns such as timely property tax and insurance payments rather than on a specific score threshold.
If your spouse is under 62, they can often be listed as an eligible non-borrowing spouse. This protects their right to remain in the home if you pass away first, provided HUD’s eligibility, occupancy, and certification requirements continue to be met, though their age may reduce the loan amount.
Property requirements: Does your home qualify?
Not every property qualifies, and eligibility depends heavily on the type of home you own:
- Single-family homes are the most straightforward and commonly approved
- FHA-approved condominiums qualify, or condos that receive single-unit approval
- Two-to-four unit properties qualify if you occupy one unit as your primary residence
- Manufactured homes may qualify if built after June 15, 1976, meet FHA loan requirements, and sit on a permanent foundation
Vacation homes, investment properties, and most cooperative housing arrangements generally do not qualify. Properties with commercial space or other mixed uses may not qualify unless they meet current FHA residential-use and property standards.
Every property also undergoes an FHA appraisal, which evaluates both market value and whether the home meets FHA’s minimum standards for safety, security, and soundness.
If repairs are needed, a portion of the loan proceeds can sometimes be set aside to cover them after closing.
Not sure whether your age, equity, or property meets the guidelines? Request a personalized eligibility review from GO Mortgage.
The financial assessment: What lenders actually check
Beyond age and property type, lenders complete a required financial assessment to confirm you can sustain the ongoing costs of homeownership. This looks at your income, assets, and credit history, using a residual income standard rather than a traditional debt-to-income ratio.
If the financial assessment raises concerns about your ability or willingness to pay property taxes and insurance, the lender may be required under HUD guidelines to reserve a portion of the loan proceeds in a Life Expectancy Set-Aside. Those funds are then used for eligible property charges.
Documentation varies by borrower, but your lender may request items such as:
- Government-issued identification
- Proof of age
- Current mortgage statements, if applicable
- Social Security or pension statements
- Account statement for financial assets
- Tax returns or other income documentation, when required
What you must maintain after closing
Qualifying for a reverse mortgage is only part of the picture. To keep the loan in good standing, borrowers must continue to:
- Pay property taxes and homeowners insurance on time
- Pay HOA dues, if applicable
- Maintain the home in reasonably good condition
- Continue living in the home as a primary residence
These obligations exist because a reverse mortgage does not eliminate homeownership responsibilities, only the required monthly mortgage payment. Falling behind on taxes, insurance, or upkeep can put the loan into default and, in some cases, lead to foreclosure.
Before completing a HECM, prospective borrowers must receive counseling from a HUD-approved housing counselor. HUD’s counseling rules may also apply to non-borrowing spouses, non-borrowing owners, and certain representatives, not only borrowers. The session explains the loan, its costs, borrower responsibilities, and possible alternatives.
Steps to confirm your eligibility
If you think you may qualify, the general process looks like this:
- Schedule your HUD-approved counseling session
- Gather your documentation, including identification, income statements, and tax returns
- Apply with a lender and complete the financial assessment
- Have the property appraised to confirm it meets FHA standards
Working through these steps early can help you understand exactly where you stand before you commit to anything.
Talk with a specialist about your specific situation
Every homeowner’s age, property, and financial picture is different, and the clearest way to know where you stand is to walk through your details with a specialist. GO Mortgage’s team can help you understand your eligibility and what to expect at each step.
A reverse mortgage is a significant financial decision, and eligibility depends on more than one requirement.
Get started with GO Mortgage to review your home, financial picture, and next steps with a specialist.
FAQs about reverse mortgage eligibility
No. Lenders review your payment history over roughly the past two years rather than requiring a specific credit score.
Yes. Reverse mortgage proceeds are typically used first to pay off any existing mortgage balance at closing, eliminating that monthly payment.
Some do, if they were built after June 15, 1976, meet FHA standards, and sit on a permanent foundation. Not all manufactured homes will pass inspection, so it is worth checking early.
If your spouse is younger than 62, they may be identified as an eligible non-borrowing spouse. This status may allow them to remain in the home after the borrower dies, provided HUD’s eligibility, occupancy, and certification requirements continue to be met.
This can put your loan into default and potentially lead to foreclosure, which is why the financial assessment and, in some cases, a Life Expectancy Set-Aside exist to help prevent this.
Yes, if the condo project is FHA-approved or the unit receives single-unit approval. Your lender can check your building’s status through HUD’s database.