Basic requirements
- Age: at least one borrower is 62 or older
- Home: it's your primary residence, and you live there most of the year
- Equity: you own your home outright or have significant equity
- Counseling: you complete a session with a HUD-approved counselor before applying
- Ability to keep up with costs: you can continue paying property taxes, homeowners insurance, HOA dues, and maintenance
Eligible homes
Single-family homes, 2-4 unit homes where you live in one unit, and approved condos. Some manufactured homes may qualify.
Your responsibilities
You still own your home. You must live there, keep it in good repair, and stay current on taxes and insurance. The loan becomes due when the last borrower moves out, sells, or passes away.
Frequently asked questions
What about my spouse if they're under 62?
Some protections may allow an eligible non-borrowing spouse to stay in the home. Ask us how this works for your family.
Will my heirs inherit the home?
Yes. They can repay the loan and keep the home, or sell it.