The basic eligibility requirements to get a reverse mortgage loan are:

• All titleholders must be aged 62 (in some cases,60) years or over
• Generally, you need at least 50% equity in the home (or down payment in the case of a purchase).  This is NOT a hard and fast rule.  It is dependent upon age and other factors.
• The home must be your principal residence The home must meet HUD’s minimum property standards and be either a single-family residence, a residence in a 2- to 4-unit dwelling.
• The down payment must be from qualifying sources (if a purchase).
• You must complete a HUD-approved counseling session There are other financial requirements.
• All potential applicants must go through a Financial Assessment. This is to make sure that all borrowers can meet the obligations of the property (taxes, insurance and other property charges) without the assistance of the loan.