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
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
More on For Families
What Happens to a Reverse Mortgage When You Die? →
Heirs have options: sell the home, pay off the loan, or walk away. Here's the timeline.
How to Talk to Your Parents About a Reverse Mortgage →
A guide for adult children — start the conversation without it feeling pushy.
Reverse Mortgage Age: What If Your Spouse Is Under 62? →
You can still get a HECM if your spouse is under 62. They become a non-borrowing spouse with stay-in-home protections. Here's how it works.
Can You Get a Reverse Mortgage on a Manufactured Home? →
Yes — if it meets four specific FHA requirements. Here's how to check.
Can You Refinance a Reverse Mortgage? →
Yes — to access more equity, get a better rate, or add a spouse. Here's when it makes sense.
Using a Reverse Mortgage for Home Renovations →
No restrictions, no approval needed. How retirees use HECM funds to age in place.