Several types of properties are eligible for reverse mortgage loans, including single-family homes, two- to four-unit properties, townhouses, and FHA-approved condominiums. Properties with five units or more are considered commercial and do not qualify. To be eligible, you must live in the home (or one of the units) for over half of the calendar year. In addition, federal regulations and industry standards require your home to be structurally sound and in compliance with all home safety codes.