Do I qualify?

With a reverse mortgage, you can access your home equity and convert some of the equity in your home into tax-free cash in the form of loan proceeds (which are typically not considered income for tax purposes).* Many seniors have found reverse mortgages to be the key to a more comfortable retirement, and it’s pretty easy to qualify, once you know the requirements.


*Consult a financial advisor and appropriate government agencies for any effect on taxes or benefits.

Basic Reverse Mortgage Requirements

  • Age Qualifications: You must be at least Age 62 (or above) to qualify for a reverse mortgage. However, if your spouse is under 62, a reverse mortgage may still be possible because of new rules that allow exceptions for non-borrowing spouses.
  • Home Equity: You must have a significant amount of equity in your home. Typically, you’ll need at least 50% equity to qualify.
  • Owner Occupied: You must live in the property, as a reverse mortgage loan can only be granted if you occupy the mortgaged property as your primary residence.
  • Counseling Session: You must complete a counseling session with a counseling agency that’s been approved by the U.S. Department of Housing and Urban Development (HUD). This counseling session is designed to ensure you understand reverse mortgage rules, and it can help you decide if a reverse mortgage loan is suitable and appropriate for you and your retirement goals.

Home Qualifications for Reverse Mortgages

  • Reverse mortgages are available for almost all types of owner-occupied homes: single-family homes, 2- to 4-unit multiple family homes, FHA approved condos, and townhomes.
  • Your home needs to be in good working order, where the interior and exterior are deemed safe and maintained (water heater strapped safely, no major termite issues, sound electrical outlets, and garage doors that open/shut properly).
  • The home qualifications are similar to a traditional mortgage. Before your appraisal, we will give you a checklist of things that the appraiser may ask for, so you’re prepared for the visit.

Financial Reverse Mortgage Qualifications

  • To qualify for a reverse mortgage, we verify your income and assets to determine if you can afford paying your property expenses like property taxes, homeowner’s insurance, Homeowner’s Association (HOA) fees and any other obligations that could become a lien on the property.
  • We run a credit report (no FICO credit score required) to help us identify your debts so that we can compare them with your income and assets.
  • Your credit and financial qualifications will help us determine if you qualify for a reverse mortgage. Our goal is always to provide the right loan, for the right person, at the right time, and for the right reason.

Want to learn more? With our GoodLife Guide to Reverse Mortgages, you'll learn all you need to know to make the right decision for your retirement.