Who is Eligible?
Any person who is 62 or older and owns their own home or condominium qualifies for a reverse mortgage. There are no income or credit requirements to qualify. If you already have a mortgage on your home, that's OK. You qualify as well, but with the reverse mortgage proceeds you will have to pay off your existing mortgage.
The amount of money a person can realize from a reverse mortgage depends on the value of their home ( fair market value of home based on a current appraisal) and the exact age of the person. The prevailing interest rate at the time a reverse mortgage is obtained also affects the amount that a person can receive from a reverse mortgage.
Consumer Safeguards
 In this U.S. Government program, HUD requires that you meet with a HUD approved credit counselor, who is approved to do reverse mortgage counseling. The counselor's job is to educate you about reverse mortgages, to inform you about alternative options available to you given your situation, and to assist you in determining which particular reverse mortgage product would best fit your needs if you elect to get one. This counseling session is at no cost to the borrower and typically takes 45 minutes to one hour.
In most cities, there are numerous counselors so that you can find one that is convenient to you.
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