Who Qualifies for a Reverse Mortgage? The Basics

As you’re considering a reverse mortgage, it helps to know the basic eligibility rules.

Here's a simple self-check based on how reverse mortgages generally work.

The main requirements

General eligibility requirements include:

• Age 62 or older. (Some proprietary products allow borrowers as young as 55 — this varies by lender and state.)
• Sufficient home equity in the property.
• Primary residence occupancy — the home must be where you actually live.
• Ability to maintain property taxes, insurance, and home upkeep.

If those four describe you, it may be worth a conversation.

What about income and credit?

Income and credit requirements differ from traditional mortgages. Rather than focusing only on a monthly payment you'd make, lenders conduct a financial assessment to make sure you can keep up with ongoing property obligations — taxes, insurance, and maintenance. In some cases, an impound account may be set up to pay taxes and insurance out of the loan proceeds.

What kind of reverse mortgage might apply?



• HECM — the most common type, insured by the FHA and federally regulated, with built-in consumer protections.
• Jumbo (proprietary) reverse mortgage — a privately funded option designed for higher-value homes that exceed FHA lending limits. It's not FHA-insured, may allow borrowers as young as 55 (varies by lender and state), and is often structured as a lump-sum disbursement.

Qualifying isn't a guarantee

Meeting the basic requirements is the starting point, not the finish line. Loan approval depends on eligibility, property type, and underwriting guidelines, and the details vary by lender and borrower situation. No one can promise you'll qualify or that funds will be available before reviewing your specifics.

What happens next

If you think you might be eligible, the first step is simply an informational conversation — a licensed mortgage professional reviews your basic eligibility, home value and equity, and your goals. It doesn't obligate you to anything. For HECMs, you'd also complete a session with a HUD-approved counselor before any loan could close.

Reach out to Linda for a free, no-obligation conversation to see whether the basics line up for you.