Applicants for a reverse mortgage…

• Must be at least 62 years of age.
• Must dwell in the home as their primary residence.
• Must have their tradition mortgage paid off (or very close to paid off). If your first or second mortgage is not paid off a portion of the reverse mortgage is applied toward paying off the original loan.

Here are a couple additional requirements and caveats

• A HUD approved counseling agency must provide counseling to a prospective borrower prior to applying for a reverse mortgage.
• Mobile homes are generally not eligible, though some duplexes may be.