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.