To be eligible for a reverse mortgage, the primary homeowner must be age 55 or older. The additional eligibility requirements include:
You must own the property outright or have at least paid down a substantial amount of your mortgage (at least half).
The property must be occupied as your primary residence.
You cannot be delinquent on any federal debt.
You must have the financial capability to continue to make payments on property taxes, homeowners insurance, and homeowners association dues.
You must participate in an information session provided by a U.S. Department of Housing and Urban Development (HUD)-approved reverse mortgage counselor.
