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- In addition to geographic restrictions, HUD reverse mortgage loan amounts are based on the age of the borrower, current interest rate, and the lesser of the appraised value and reverse mortgage limits for the area. HUD reports that "generally, the more valuable your home is, the older you are, and the lower the interest, the more you can borrow."
- As of 2010, the maximum reverse mortgage loan limit is set at $625,000. This amount is an increase from the previous year limit of $417,000, and applies to the 50 states as well as Guam and the Virgin Islands.
- Borrowers must be over 62 and occupy the property being financed as their principal residence. The current mortgage on the property must be paid in full or nearly so. The borrower must receive consumer information counseling from a source approved by HUD.
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