Understanding the eligibility criteria and requirements for reverse mortgages is essential when considering this financial option. Reverse mortgages offer valuable financial solutions for seniors, but they are subject to specific conditions. Here’s what you need to know to determine if you qualify:

Age Requirement

To be eligible for a reverse mortgage, you must be at least 62 years old. This age requirement ensures that the program is designed to benefit seniors in their retirement years.


You must own your home outright or have a significant amount of equity in it to qualify for a reverse mortgage. The property in question must be your primary residence.

Counseling Session

Before proceeding with a reverse mortgage application, you are required to attend a HUD-approved counseling session. This session is designed to provide you with essential information about the reverse mortgage program, including its terms, costs, and implications. It helps ensure that you fully understand the decision you’re making.

Financial Assessment

Some reverse mortgage programs, such as Home Equity Conversion Mortgages (HECMs), may conduct a financial assessment to evaluate your ability to meet ongoing financial obligations, such as property taxes and homeowner’s insurance. This assessment helps determine if you can sustain the costs associated with homeownership.

Property Type

The type of property you own can also affect your eligibility. Most reverse mortgage programs are available for single-family homes, condominiums, townhouses, and some manufactured homes. It’s important to check if your property meets the program’s requirements.


You are required to make the property with the reverse mortgage your primary residence. If you move out of the home for an extended period, the loan may become due and payable.

Counseling and Education

Reverse mortgage applicants must complete a counseling session with a HUD-approved counselor. This session provides valuable information about the program, its benefits, and its obligations, helping you make an informed decision.

Loan Limits

The amount you can borrow through a reverse mortgage depends on factors such as your age, the home’s value, and current interest rates. Different programs may have different loan limits, so it’s important to understand the specific terms of the program you’re interested in.

Maintaining the Home

While there are no monthly mortgage payments with a reverse mortgage, you are responsible for maintaining the home, paying property taxes, homeowner’s insurance, and necessary repairs. Failure to do so could lead to the loan becoming due and payable.

Is a Reverse Mortgage Right for You?

Determining if a reverse mortgage is the right financial solution for your retirement depends on your individual circumstances, financial goals, and housing needs. At Senior Security Mortgage, we specialize in helping seniors explore their options, understand the eligibility requirements, and make informed decisions about reverse mortgages. Contact us today to learn more about how a reverse mortgage can benefit you and to see if you meet the eligibility criteria.