To qualify for most reverse mortgage programs, you must:
- Be age 62 or older
- Have a single-family home or other approved property
- Own the property
- Live in the home as your primary residence
- Make the reverse mortgage your first mortgage
- Can pay off existing loans with proceeds from your reverse mortgage
You must also continue to qualify after the loan is made. You should check your reverse mortgage agreement for details, but generally you have to:
- Continuously use the home as your primary residence
- Keep current on taxes, insurance, maintenance, etc
