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To qualify, you must meet these general qualifications:

• You must be a homeowner who is at least age 62, and live in your home as a principal residence.
• Any co-borrower must also be at least age 62.
• You must have a relatively low remaining mortgage balance on your home.
• Applicants must agree to accept mortgage counseling from a federally approved counselor. The counselor must explain the loan's costs, financial implications, and alternatives.

What Types of Homes Are Eligible?

The home must be a one- to four-unit property that you own and occupy. Townhouses, detached homes, units in condominiums, and some manufactured homes are eligible. Condominiums must be FHA-approved. It may be possible for individual condominiums units to qualify.