To be eligible for an FHA HECM you must:
• Be 62 years of age or older.
• Own the property outright or have a small mortgage balance. Usually you will either pay off the balance yourself or it will be paid off by an advance from the reverse mortgage at closing.
• Not be delinquent on any federal debt.
• Participate in a consumer information session given by an approved counselor.
Please visit their website at http://www.fha.gov for additional information.