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What are the requirements for a Federal Housing Administration (FHA) Home Equity Conversion Mortgage (HECM)?

To be eligible for an FHA reverse mortgage (a HECM) you must

  • be 62 years of age or older.
  • own the property outright or have a small mortgage balance.
  • occupy the property as your principal residence.
  • not be delinquent on any federal debt.
  • have the financial resources to continue to make timely payment of ongoing property charges such as property taxes, insurance and homeowners association fees, etc.
  • participate in a consumer information session given by an FHA-approved counselor.

Learn more at the Department of Housing and Urban Development's HECM web page.

Last Reviewed: April 2021

Please note: The terms "bank" and "banks" used in these answers generally refer to national banks, federal savings associations, and federal branches or agencies of foreign banking organizations that are regulated by the Office of the Comptroller of the Currency (OCC). Find out if the OCC regulates your bank. Information provided on should not be construed as legal advice or a legal opinion of the OCC.

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