My parents are in their 80s. Is it too late?

There's no maximum age for a HECM. In fact, older borrowers qualify for more money because the principal limit factor increases with age. People in their 80s and 90s get reverse mortgages regularly.

What if my parents still have a mortgage?

That's fine — and it's actually one of the most common reasons people get a HECM. The reverse mortgage pays off the existing mortgage at closing, eliminating the monthly payment.

Should I be involved in the process?

Your parents can include you in the process if they choose — and most lenders welcome family involvement. However, the HUD counseling session must be completed by the borrower(s). You can attend as an observer with their permission.

For Families · 4 min read

Can My Parents Get a Reverse Mortgage?
A Quick Eligibility Checklist for Adult Children

JP Dauber · Licensed HECM Specialist

NMLS# 386298 · Published June 8, 2026

Family members and home illustration for reverse mortgage guidance

What's the quick eligibility checklist?

Run through these five points. If your parent checks all five, they're very likely eligible:

☐ Age 62 or older

At least one homeowner must be 62+. No maximum age. If married, the younger spouse's age affects how much they qualify for.

☐ Own an eligible home

Single-family, condo, townhome, or 2-4 unit. Must be their primary residence — where they live most of the year.

☐ Sufficient equity

There's no minimum equity requirement, but the HECM must at least pay off any existing mortgage. More equity means more available funds.

☐ Current on property taxes and insurance

No delinquent property taxes or lapsed insurance. If there are arrears, the HECM may be able to pay them off at closing.

☐ Home in reasonable condition

Must pass an FHA appraisal for safety and habitability. Doesn't need to be perfect — just functional.

What doesn't matter

Unlike a traditional mortgage, the following things do not disqualify your parents: a low credit score, limited income, existing debt, prior bankruptcy (after waiting period), or having a current mortgage. The HECM is specifically designed for retirees who might not qualify for traditional financing.

What's your role as the adult child?

The best thing you can do is educate yourself — which is exactly what you're doing right now. Many adult children are the ones who first research reverse mortgages and then discuss it with their parents.

You're welcome to be involved in the process, attend meetings, and ask questions. The one thing you can't do: sign for your parents or make the decision for them. The HUD counseling session is designed to ensure the borrower understands the product and is making an independent, informed decision.

If you have concerns, bring them up. A legitimate HECM professional will address every question directly — and will tell your parents if a reverse mortgage isn't the right fit.

Next steps for your family

If your parent is 62+, owns their home, and lives there — they very likely qualify for a HECM. The process is designed for retirees, the protections are strong, and family involvement is encouraged. The first step is education. The second is a conversation. The third is HUD counseling.

Have questions about your parent's specific situation? Reach out — I'm happy to talk to you, your parents, or both of you together.

Keep reading

Talk to Your Parents About a Reverse Mortgage →

Starting the conversation

For Families →

Guide for adult children

Requirements →

Full eligibility checklist

What Happens After Death? →

What heirs need to know

The complete guide

Heirs & Inheritance →