• Seniors at homesenior couple holding hands image by Janet Wall from Fotolia.com
  
  Several types of properties are eligible for reverse mortgages. These transactions allow senior homeowners--age 62 and up--to convert the equity in their homes for cash, tax-free, without having to move out of their homes or add any additional monthly mortgage payments.
  
  

Single Family Homes

• Homehouse image by Earl Robbins from Fotolia.com
  
  All single family homes of standard construction are eligible for a reverse mortgage. The property must be the homeowner's primary residence.
  
  

Multiple family homes

• Row homessingle family houses image by MAXFX from Fotolia.com
  
  Two- to four-family properties are eligible when the homeowner occupies one of the units as a primary residence.
  
  

Manufactured homes

• Owners of manufactured homes built after 1976 can apply for a reverse mortgage. The home must be situated on a permanent foundation. Mobile homes are generally excluded from eligibility.
  
  

Condominiums

• Condosapartment house image by Mats Tooming from Fotolia.com
  
  All types of condominium units are acceptable, including those that are freestanding, townhouse-style or located in multiple-unit properties. The homeowner must occupy the condo as her primary residence.
  
  

Payback

• House soldSold Home For Sale Sign on Burst image by Andy Dean from Fotolia.com
  
  The reverse mortgage loan ultimately must be repaid when one or more of the following situations occur: the last surviving borrower passes away or the property is sold; the homeowner permanently moves out of the home; the last surviving homeowner fails to live in the home for 12 consecutive months due to physical or mental illness; the homeowner fails to pay property taxes or insurance; or the homeowner lets the property deteriorate beyond what is considered reasonable wear and tear, and does not remedy the situation.