If you are US citizen and are planning to take the reverse mortgage then there are several requirements you should meet. They are:

1. You must be at least 62 years of age.

2. Before borrowing, you must seek third party financial counseling from a source which is approved by the Department of Housing and Urban Development (HUD). The counseling is a safeguard for the borrower and his/her family, to make sure the borrower completely understands what a reverse mortgage is and how one is obtained.

3. You must pay off any existing mortgages with the proceeds from the reverse mortgage and, if needed, additional personal funds.