To be eligible for a FHA Home Equity Conversion Mortgage (HECM), the FHA requires the borrower be a homeowner 62 years or older, be the owner of the home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse mortgage.

The borrower must also be living at home.

To protect the borrower, FHA requires the borrower receive consumer information from an approved HECM counselor prior to obtaining the loan. The borrowers can find many such lenders on this site. Further information may be obtained by calling Housing Counseling Clearinghouse on (800) 569-4287 for the name and telephone number of a HUD-approved counseling agency and a list of FHA-approved lenders.

To be eligible for the FHA Reverse Mortgage, the home must be a single family home or a 1-4 unit home with one unit occupied by the borrower. HUD-approved condominiums and manufactured homes that meet FHA requirements are also eligible.