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To be eligible for a reverse mortgage, you must meet the following criteria:

  • You must be age 55* or older.
  • The home must be the borrowers’ primary residence.
  • The home must meet Federal Housing Authority (FHA) minimum property standards and flood requirements.
  • The home must be one of the following property types: single-family home; a two- to four-unit home with one unit occupied by the borrower; or a HUD-approved condominium. With new construction, you must have a Certificate of Occupancy or equivalent before you apply.
  • You must have sufficient home equity. A Reverse Mortgage Specialist from Finance of America Reverse LLC (FAR) can tell you if you have enough home equity to qualify.

*For certain HomeSafe® products only, excluding Massachusetts, New York, and Washington, where the minimum age is 60, and North Carolina, Texas, and Utah, where the minimum age is 62.

This article is intended for general informational and educational purposes only, and should not be construed as financial or tax advice. For more information about whether a reverse mortgage may be right for you, you should consult an independent financial advisor. For tax advice, please consult a tax professional.