Who is eligible for a reverse mortgage?
A. You, and any co-borrowers, must be at least 62 years old and either own your home free and clear or have an outstanding mortgage balance that can be paid off at loan closing using the reverse mortgage loan proceeds or combination of reverse mortgage loan proceeds and additional borrower funds at closing. Your home most be a single-family or two- to four-unit dwelling. Condominiums maybe eligible if they are in FHA-approved developments or can become approved. You also must agree to accept mortgage counseling from a HUD-approved counseling agency. Family members also are strongly encouraged to attend these counseling sessions.
