ABA Family Legal Guide

The Rights of Older Americans

Housing and Long-Term Care Options

Home Equity Conversion

Who is eligible for a reverse mortgage?

A borrower must be at least sixty-two years of age, and own and occupy the home as a principal place of residence. The property should be free of liens or mortgages except for those that can be paid off at closing. Unlike traditional loans or home equity lines of credit, the borrower's income is not considered. Single-family residences, including some condominiums, and some manufactured homes, as well as duplexes and triplexes, are eligible. Mobile homes and cooperatives are not.