Age Requirement: The youngest borrower must be at least 62 years old.

Primary Residence: The home must be the primary residence of the borrower.

Home Equity: There must be sufficient equity in the home. While the exact amount can vary, typically at least 50% equity is required.

Financial Assessment: Borrowers must undergo a financial assessment to ensure they can meet the obligations of the reverse mortgage, such as paying property taxes, homeowners insurance, and maintaining the home.

Property Type: Eligible property types include single-family homes, up to four-unit properties (as long as the borrower occupies one unit), and certain HUD-approved condominiums and manufactured homes.