Eligibility Requirements for a Reverse Mortgage
The requirements to become an eligible HECM (Home Equity Conversion Mortgage) borrower include age (at least 62), equity in your home (any existing mortgage can be paid off with loan proceeds), financial resources to cover tax, insurance, and maintenance expenses, no other federal debt, competency, and the receipt of a counseling certificate from an FHA-approved counselor for attending a personal counseling session on home equity options.
HUD provides a list of approved counselors on their website. The property must serve as your primary residence and also must meet FHA property standards and flood requirements and pass an FHA appraisal to be eligible.
Pfau, Wade D. PhD, "Eligibility Requirements for a Reverse Mortgage" (2016). Faculty Publications. 424.