Who qualifies for a reverse mortgage?
The requirements are simpler than you think
JP Dauber, NMLS# 386298
Reverse Mortgage Specialist
Last updated March 15, 2026
The basic requirements
Qualifying for a HECM reverse mortgage is simpler than qualifying for a traditional mortgage. There's no monthly payment to prove you can afford, so the bar is set differently.
Here's what you need:
You must be at least 62 years old
If you're married, the younger spouse's age is used to calculate how much you qualify for — even if only one of you is on the loan.
You own an eligible home
Single-family homes, FHA-approved condos, townhomes, and 2–4 unit properties all work. Manufactured homes on permanent foundations can qualify too.
It's your primary residence
You need to live there most of the year. Snowbirds and travelers are fine — just make sure this is your main home.
You complete HUD counseling
A one-time session with an independent counselor who makes sure you understand the loan. Takes about an hour, costs around $125, and can be done by phone.
You pass the financial assessment
This checks whether you can keep up with property taxes and insurance. It's not the same as qualifying for a regular mortgage — the bar is much lower.
What the financial assessment actually looks at
This trips people up because it sounds scary. It's not. The lender is simply checking two things:
Have you been paying your bills? They look at your history with property taxes, homeowner's insurance, and any existing mortgage. A pattern of late payments raises a flag. One or two late payments generally don't.
Can you afford the ongoing costs? They look at your income — Social Security, pensions, retirement withdrawals, anything — and compare it to your property taxes, insurance, and basic living expenses. They're not checking if you can afford a mortgage payment. They're checking if you can afford to keep living in your home.
If the assessment finds concerns, the lender may set aside part of your loan to automatically cover taxes and insurance. This is called a LESA (Life Expectancy Set-Aside). It reduces your available funds, but it also makes sure those bills always get paid.
What does NOT disqualify you
People often assume they can't qualify when they actually can. Here's what is not on the list of requirements:
Low credit score
There is no minimum credit score for a HECM. None.
Limited income
You don't need to qualify based on income like a regular mortgage.
Past bankruptcy
If it's been discharged and you've been paying your bills since, you can still qualify.
Existing mortgage
The HECM pays it off at closing. That's actually one of the most common reasons people get one.
If your spouse is under 62
Your spouse doesn't have to be 62 to be protected. They can be listed as an Eligible Non-Borrowing Spouse. This means they can stay in the home if something happens to you — they won't be forced to leave.
The trade-off: your loan amount is calculated using the younger spouse's age, which means you'll qualify for less. But the protection is usually worth it.
Check the boxes, then explore your options
If you're 62 or older, own your home, and can keep up with taxes and insurance, you probably qualify. The requirements are designed to make sure the loan works for you — not to keep you out.
Want to see where you stand? Try our calculator for a quick estimate, or schedule a conversation and I'll walk you through it.