To qualify for a Home Equity Conversion Mortgage (HECM), the federally insured reverse mortgage, you must be at least 62 years old, own your home and use it as your primary residence, hold substantial equity, and complete HUD-approved counseling before you apply. A financial assessment confirms you can keep paying property taxes, homeowners insurance, and upkeep. In 2026 the HECM lending limit is $1,249,125.
Reverse Mortgage (HECM) Requirements at a Glance
A reverse mortgage lets homeowners 62 and older convert part of their equity to cash without a required monthly mortgage payment, with the balance repaid when they sell, move out, or pass away. The most common type, the Home Equity Conversion Mortgage (HECM), is insured by the federal government and carries a defined set of requirements.
| Requirement | HECM standard for 2026 |
|---|---|
| Minimum age | 62 (youngest borrower) |
| Property use | Your primary residence, where you live |
| Counseling | HUD-approved session, required before applying |
| Financial assessment | Lender confirms you can cover taxes, insurance, upkeep |
| Ongoing obligations | Property taxes, homeowners insurance, home maintenance |
| 2026 lending limit | $1,249,125 (maximum home value used) |
Age and Eligibility
The defining requirement is age: every borrower on the loan must be at least 62. The amount you can access rises with the age of the youngest borrower, because the program expects the loan to be outstanding for fewer years. You also need to own the home outright or have enough equity that the reverse mortgage can pay off any remaining balance on your existing mortgage from the proceeds.
For a full comparison of how a reverse mortgage stacks up against a cash-out refinance and a HELOC, see our guide to home equity options for homeowners 62+.
The Financial Assessment
A reverse mortgage has no traditional income or debt-to-income test the way a purchase loan does, but lenders are required to run a financial assessment. This review confirms you have the willingness and capacity to keep paying property taxes, homeowners insurance, and basic upkeep — the obligations that keep the loan in good standing. If the assessment raises concerns, the lender may set aside part of the proceeds to cover those costs.
Property and Occupancy Requirements
The home must be your principal residence, meaning you live there for the majority of the year. Eligible property types generally include single-family homes, two-to-four-unit homes where you occupy one unit, and HUD-approved condominiums. You must continue to live in the home; if you move out permanently or no longer meet the occupancy rule, the loan becomes due.
HUD-Approved Counseling
Before you can apply for a HECM, you must complete a counseling session with a HUD-approved counselor. The session explains how the loan works, what it costs, your ongoing responsibilities, and alternatives, so you can decide whether a reverse mortgage truly fits your situation. You receive a certificate on completion, which the lender needs to move forward.
The 2026 HECM Lending Limit
The HECM lending limit — the maximum home value used to calculate your proceeds — is $1,249,125 in 2026, up from $1,209,750 in 2025. If your home is worth more than the limit, the calculation still tops out at $1,249,125. Your actual available amount is a portion of that figure, set by your age and current rates, and any existing mortgage is paid off first from the proceeds.
How to Apply for a Reverse Mortgage
- Confirm the basics. Verify you are 62 or older, the home is your primary residence, and you have substantial equity.
- Complete HUD-approved counseling. Finish the required session and keep your certificate.
- Compare lenders. Get offers and review costs, the payout options, and whether a fixed or variable structure fits you.
- Pass the financial assessment. Show you can keep up with taxes, insurance, and upkeep.
- Complete the appraisal and close. The lender confirms the home value, then your existing mortgage is paid off and you receive the remaining proceeds.
Frequently Asked Questions
What is the minimum age for a reverse mortgage?
You must be at least 62 years old to qualify for a HECM reverse mortgage, and every borrower on the loan must meet that age. The amount you can access rises with the age of the youngest borrower.
Is counseling required for a reverse mortgage?
Yes. You must complete a session with a HUD-approved counselor before applying for a HECM. The counselor explains the costs, your obligations, and alternatives, and gives you a certificate the lender needs.
Do you need income to qualify for a reverse mortgage?
There is no traditional debt-to-income test, but lenders run a financial assessment to confirm you can keep paying property taxes, insurance, and upkeep. The lender may set aside funds for those costs if needed.
What is the reverse mortgage limit for 2026?
The 2026 HECM lending limit is $1,249,125, up from $1,209,750 in 2025. That is the maximum home value used to calculate your proceeds; your actual amount depends on your age and current rates.
Can you lose your home with a reverse mortgage?
Yes, if you stop meeting the requirements. You must keep the home as your primary residence and stay current on property taxes, homeowners insurance, and maintenance, or the loan can become due.
