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To be eligible for an FHA reverse mortgage (a HECM) you must
- be 62 years of age or older.
- own the property outright or have a small mortgage balance.
- occupy the property as your principal residence.
- not be delinquent on any federal debt.
- have the financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and homeowners association fees, etc.
- participate in a consumer information session given by an FHA-approved counselor.
Learn more at the Department of Housing and Urban Development's HECM web page.
See Also
FHA Self Sufficiency Test - Black Real Estate AgentsHow Soon After Financing A Home With An FHA Loan Can It Be Sold?I was told I'm buying a home that was flipped and that I have to get a second appraisal. How does that work? | Consumer Financial Protection BureauFHA Flipping Rules: What They Mean For the BuyersLast Reviewed:April 2021
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