The HECM Reverse Mortgage is available to you if you are age 62 or over.  You may apply for a H.E.C.M. within 90 days of your 62nd birthday but may not close until you are age 62. 

The HECM Reverse Mortgage is only available on your principal residence. 

Your home must meet HUD’s minimum property standards, but you can use the H.E.C.M. to pay for most required repairs. 

Before a lender can process your Reverse Mortgage application, the Government will require you to get counseling from a third-party, HUD-approved housing counselor.  HUD will allow a telephone counseling session if you are unwilling or unable to travel for your HECM Reverse Mortgage Counseling.  For a list of approved counselors go to: www.hud.gov/offices/www.hud.gov/offices/hsg/sfh/hecm/hecmlist.cfm

Your home must be a single family residence in a 1 to 4 unit dwelling, or part of a condominium approved by HUD or Planned Unit Development (PUD); some manufactured homes are also eligible as long as they conform to HUD regulations and are permanently tied to their foundation (the foundation will need to be certified by a licensed engineer).  Most cooperatives are not eligible.