You can, but the building has to qualify as well as you. Here is how to check your condo, what HUD looks at, and your options if it doesn’t pass.
Yes, you can get a reverse mortgage on a condo, but the building matters as much as you do. For an FHA-insured HECM, the condo project has to be FHA-approved, or your individual unit has to get single-unit approval. Many condos qualify; many don’t. If yours doesn’t, a private proprietary reverse mortgage may still be possible.
HUD keeps a public list. Search it by the building’s name, city or ZIP code: HUD’s FHA condominium lookup. Look for a status of Approved and check the expiry date: project approvals last three years and the association has to renew them. If the approval lapsed less than six months ago, the board can still renew it; after that it must file a full new application. Some boards will, if owners ask.
Since 2019, HUD lets a lender approve one unit in a building that isn’t on the list, if the building as a whole meets a set of tests. The main ones:
These are HUD’s figures in its handbook update that takes effect November 10, 2026; until then some lenders may still use the earlier tests, which split buildings at 10 units instead of 20.
Your lender collects the paperwork from the association. Expect to need the budget, the insurance certificate, the delinquency report and a questionnaire filled in by the manager.
A reverse mortgage takes away your mortgage payment, not your condo fees. HOA dues count as property charges, like property taxes and insurance: you must keep paying them, and falling behind can put the loan in default. The lender’s financial assessment checks your last 24 months of HOA payments. One catch: if the lender requires a set-aside from the loan, it pays only property taxes and insurance, never HOA dues, so those always come out of your own budget.
The same as on a house of the same value: HUD’s table sets the amount from the youngest borrower’s age, the interest rate and the home’s appraised value (up to the $1,249,125 limit). Try it in the no-personal-info calculator. And if you already have a HECM on your condo, refinancing it later doesn’t require the building to be approved again.
Yes, if the condo project is FHA-approved or your unit qualifies for FHA single-unit approval. If neither, some private proprietary reverse mortgages accept condos that aren’t FHA-approved.
Search HUD’s FHA condominium approval lookup by project name, city or ZIP code, and check that the status is Approved and not expired.
Yes. HOA and condo fees are property charges, like taxes and insurance. You must keep paying them, and falling behind can put the loan in default. A set-aside from the loan, if required, never covers HOA dues.
A way for a lender to approve one condo unit in a building that isn’t FHA-approved, if the building passes HUD’s tests: at least 50% owner-occupied, limited existing FHA loans (10% of units in buildings of 20 or more, two in smaller ones), no more than 15% of units behind on dues, adequate reserves and insurance.
Educational, not individual financial advice. The Equity Ledger doesn’t originate loans. Reverse mortgages are complex and the right answer depends on your specific situation — confirm the details with a HUD-approved counselor before you decide.
Rules and figures are from U.S. government program materials current at publication; HECM limits and rates change — verify with HUD/FHA or a HUD-approved counselor.