Eligible Property
The following property types are eligible for a HECM reverse mortgage:
Single family
2-4 units, as long as one unit is the borrower’s primary residence
Condominiums
Planned Unit Developments (PUD)
Manufactured Homes

Non-Eligible Properties
The following property types are not eligible for a reverse mortgage:
Investment properties
Vacation homes
Second homes
Properties with illegal accessories units or mixed use properties where more than 25% is used for non-residential purposes
Manufactured homes which are legally recorded as a condominium (this will change in 2009) or if property is not taxed as real estate
Two parcels on one deed (if home sits on both)