 TITLE: What Is a Reverse Mortgage? CONTENT: What Are Reverse Mortgage Requirements?\n---------------------------------------\nThe requirements for getting a single-purpose or proprietary reverse mortgage vary depending on the lender. All HECMs have the same requirements:\n*   The home must be your primary residence.\n*   You must either own the home outright or have substantial equity in it.\n*   The property itself must meet FHA standards and flood requirements. It must be either a single-family home, a manufactured home, a condominium approved by the Department of Housing and Urban Development (HUD) or a two- to four-unit home with the borrowers living in one of the units.\n*   The borrowers must be age 62 or older.\n*   Borrowers must be able to pay the expenses associated with the home, such as property taxes, homeowners association fees and homeowners insurance, without the assistance of the loan.\n*   Borrowers are required to meet with a HUD-approved HECM counselor to discuss the reverse mortgage.\n*   Borrowers must be creditworthy and cannot be delinquent on any federal debt. END