Reverse mortgages are only allowed for your primary residence, which means you live there for at least 6 months and one day per year. Your home must meet minimum property standards, meaning it is safe and in good condition.
If your home falls into one of these categories, it may be eligible for a reverse mortgage:
- Single-family homes
- Multi-family homes with up to 4 units
- Condos (must be approved by HUD for a HECM)
- Manufactured homes (must be approved by HUD for a HECM)
Note: We don’t require HUD approval for condos or manufactured homes with our EquityPower reverse mortgage!