Who Qualifies for a Reverse Mortgage?

If you’ve ever wondered whether you (or your parents) might qualify for a reverse mortgage, this post breaks it down simply — no fluff, no confusion.

Let’s talk eligibility.

✅ Basic Requirements

To qualify for a reverse mortgage (specifically an FHA-insured HECM), here’s what you need:

• At least one homeowner must be 62 years or older

• You must live in the home as your primary residence

• You must own the home outright or have substantial equity

• You must be able to maintain property taxes, insurance, and upkeep

• The home must meet FHA property standards

And yes — condos can qualify too, as long as they’re FHA-approved or eligible through a single-unit approval.

💳 What About Credit Score or Income?

Unlike a traditional mortgage, your credit score and income aren’t the biggest factors.

You’ll go through something called a financial assessment, which is just to make sure you can meet the basic obligations of homeownership (like taxes and insurance).

If there’s a concern, a portion of the loan can be set aside to cover those expenses — it’s called a LESA (Life Expectancy Set-Aside). It’s not a denial. It’s a solution.

👥 What If I’m Married?

If you’re married and both spouses are over 62 — great. You’ll both be listed as borrowers and have full rights to the loan.

If only one of you is 62+, the younger spouse may be listed as a non-borrowing spouse, which still protects their right to stay in the home if the older spouse passes away.

Reverse mortgages aren’t designed to leave someone homeless — protections are built in to keep families stable.

🏡 Eligible Property Types

To qualify, the property must be:

• A single-family home

• A 2–4 unit home (with one unit occupied by you)

• A HUD-approved condo

• A manufactured home (with specific foundation and title criteria)

Vacation homes and investment properties are not eligible — this loan is for your primary residence only.

🚦Not Sure If You Qualify?

That’s what I’m here for.

There’s no pressure, no pitch — just a clear answer on whether a reverse mortgage fits your situation.

📲 Text me “Reverse?” at 214-926-9357
👉 Or grab a time to chat: https://apply.austensmith.com

Let’s find out what’s possible — and if this might be a smart move for your retirement plan.