A Quick Guide for DMV Area Homeowners Over 62
If you’re a homeowner in Maryland, Washington D.C., or Virginia, and you’re 62 or older, a reverse mortgage—also called a Home Equity Conversion Mortgage (HECM)—could be a smart way to unlock the equity in your home without selling it or taking on monthly mortgage payments.
But how do you know if you qualify?
Here’s what residents of the DMV area need to know:
Age Requirement
All borrowers listed on the reverse mortgage must be at least 62 years old.
The older you are, the more funds you may qualify for.
Homeownership Criteria
You must:
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Own your home outright, or
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Have a small remaining mortgage balance that can be paid off using the reverse mortgage proceeds.
Primary Residence Requirement
The home must be your primary residence, meaning:
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You live there most of the year
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Vacation homes and investment properties do not qualify
Eligible Property Types
Homes eligible for reverse mortgages typically include:
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Single-family homes
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HUD-approved condos
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2–4 unit properties (as long as you live in one of them)
Assessment
Your lender will check your ability to:
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Pay property taxes
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Maintain homeowner’s insurance
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Stay current on HOA dues, if applicable
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Keep the home in good condition
If there’s concern about covering these costs, you may be required to set aside loan proceeds in a Life Expectancy Set-Aside (LESA) account, which helps cover these expenses.
Mandatory HUD Counseling
Before moving forward, you must complete a counseling session with a HUD-approved reverse mortgage advisor.
This ensures you fully understand the process, your options, and what’s right for your situation.
Bottom Line for DMV Seniors
If you’re:
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Over 62
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Living in your Maryland, D.C., or Virginia home full-time
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Looking for cash flow in retirement
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Interested in keeping your home while eliminating monthly payments
→ You might qualify for a reverse mortgage.
But more importantly, it needs to make sense for your personal goals.
