 TITLE: Is a Reverse Mortgage Right for You? CONTENT: Who Can Qualify for a Reverse Mortgage?\n---------------------------------------\nEligibility criteria for single-purpose and proprietary reverse mortgages vary by lender, but if you're looking for an HECM, the requirements are clear:\n*   All borrowers must be 62 or older\n*   You must own the property outright or have a considerable amount of equity in it\n*   The home must be your primary residence\n*   You can't be delinquent on any federal debt\n*   You have the financial resources to pay ongoing property taxes, homeowners insurance, HOA fees and other necessary expenses\n*   You must visit with an HECM counselor approved by the U.S. Department of Housing and Urban Development (HUD)\n*   You must be creditworthy and meet other financial requirements\n*   The property meets all FHA standards and flood requirements\nAlso, the property must be a single-family home, a two- to four-unit home with one unit occupied by you, an HUD-approved condominium project, or a manufactured home that meets FHA requirements.\nIf one spouse is not yet 62 years old, they can't be included as a borrower on the loan. However, they may still be eligible to stay in the home after the borrowing spouse dies without further payments. Also, there is an option to refinance a reverse mortgage after the non-borrowing spouse turns 62 to ensure ongoing payments after the older spouse dies. END