Can I Qualify for a Reverse Mortgage If Social Security Is My Only Income?
You may qualify. HUD's guidance includes Social Security income in a HECM financial assessment, but approval depends on your documented resources, expenses and the other program requirements.
Social Security income can count. The whole file still has to qualify.
You may qualify. HUD's guidance includes Social Security income in a Home Equity Conversion Mortgage, or HECM, financial assessment, but approval depends on your documented resources, expenses and the other program requirements.
HUD's counseling handbook says the HECM program has no income eligibility requirement. Instead, the lender reviews your documented income and assets against your monthly expenses to judge whether you can meet your obligations. Retirement benefits go through the same review as any other documented income.
The lender determines whether a file qualifies under the financial assessment. Neither this page nor a counseling session decides it.
Three Parts of the Review
Income, credit and property charges are reviewed together.
Income and assets
The lender documents your income, such as Social Security, and your assets, then subtracts monthly expenses from monthly income to find what HUD calls residual income.
Credit and payment history
The lender reviews your credit report and your history of paying property taxes and homeowners insurance.
Property charges
Property taxes, insurance and maintenance continue after closing. If the review calls for it, part of the loan proceeds is set aside to pay them.
How the Review Works
What the lender checks, and what a set-aside changes.
Social Security is a documented income source. These answers cover how it fits the financial assessment and what continues after closing.
What does the lender review?
The review considers income and assets alongside monthly expenses. HUD lists evidence of Social Security income among the documents a lender may ask for, with bank statements, retirement accounts and tax returns. The lender subtracts total monthly expenses from total monthly income to determine residual income.
Yes. The lender reviews your credit report and your previous property-tax and insurance payments. If there is significant derogatory credit, the lender may ask for an explanation, and you can provide documentation of extenuating circumstances.
HUD's guidance says a borrower whose residual income is not sufficient, without acceptable compensating factors, may still qualify with a Life Expectancy Set-Aside for property taxes, insurance and other required property charges. Those reserved funds are committed to property charges, reducing what remains available for other uses. A set-aside does not guarantee approval.
Property taxes, homeowners insurance and home maintenance continue after closing, and your home must remain your principal residence. If a reserve was set aside, the lender pays those charges from it or sends you the money to pay them. Failing to meet these obligations can lead to foreclosure.
Yes. A HECM is a loan: the amount you owe goes up over time because interest and fees are added to the balance each month. The loan is repaid when the borrower no longer lives in the home, usually by selling it.
Ask your lender which documents it needs. A useful starting point is your Social Security benefit verification letter, bank statements, current debt information, and property-tax and insurance bills. Social Security provides the benefit verification letter as proof of income for a loan or mortgage application.
The reverse mortgage overview covers costs, payout options, spouses and heirs. For a different way to use equity, read about HELOCs and second mortgages, and discuss the comparison in counseling.
Frequently Asked Questions
Questions to Bring to Your Review
Yes. HUD identifies evidence of Social Security income among the documents a lender may use in the financial assessment. The lender determines whether the complete file qualifies.
No. HECM requirements also include borrower age, principal-residence occupancy, no unpaid federal debt, property condition, financial resources and HUD-approved counseling.
No. HUD describes an assessment of documented income, assets and expenses. Its guidance also addresses circumstances requiring a life-expectancy set-aside.
Yes. These obligations continue. If the lender requires a reserve, ask how those charges will be paid and what happens if the reserve runs out.
Public Sources
Read the rules behind the answer.
Sources checked October 23, 2026. HUD's Housing Counseling Handbook 7610.1 describes the HECM financial assessment, including income, credit and the Life Expectancy Set-Aside; CFPB explains eligibility, borrower responsibilities and how the balance grows in plain language; Social Security describes its benefit verification letter, whose page states no publication date. Texana's product page describes its initial credit review. Program requirements and the lender's review of your file determine eligibility.
Send Texana Bank Mortgage a reverse mortgage inquiry to discuss your income sources, property and goals. The initial review uses a soft credit inquiry. Bring the same questions to HUD counseling.
General HECM education; availability and approval require review. State law and lender requirements also apply. This page is education, not a commitment to lend, and is not from HUD or FHA and has not been approved by any government agency. All loans are subject to credit approval and underwriting. Equal Housing Lender. NMLS #407536.
Reviews
What borrowers say about Texana Bank
Real reviews from real borrowers, pulled live from our Google Business Profile.
Texana Bank helped me with the purchase of my third home, and honestly, the experience was the smoothest of all three home purchases. I only worked with Lynette, but she was friendly, helpful, and courteous at all times. She was extremely patient with me, and she took time to answer all my questions. Even more impressive is that the bank worked with me through a challenging employment situation. Never once was I made to feel bad about asking questions, and Lynette's responses were lightning fast. This was one of the best experiences I have ever had with any company, bar none. I highly recommend Texana Bank to anyone.
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Mikayla Irwin
★★★★★
Lynette Heck is the best to work with. No matter what we needed, she was on top of it and thinking of things way before we needed it! We really appreciate everything she did for us!
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Mark Sherrard
★★★★★
Overdue but thanks again Adam, I appreciate you going above and beyond to make sure my family got our dream home. 10 stars.
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Carson Romero
★★★★★
My experience with Lynette was the best and easiest experience it could’ve possibly been when being a first time home buyer. She’s very kind, communicative, reliable, and so much more! It made the whole process that much less stressful and overwhelming. So blessed to have had her on my side!
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Zane Atkins
★★★★★
Parker McMahan has helped us with 3 mortgages and a refi in part few years. Always great service-always honest advice. Texana will be my “go to” for mortgage advice and activity from here on. They are also great in the area of VA home loans.
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I had an excellent experience working with my texana bank mortgage from start to finish. They were extremely professional, knowledgeable, responsive, and made the entire mortgage process feel much easier than I expected.
They took the time to explain everything clearly, answered all of my questions, and kept me informed throughout the entire process. I always felt like I had someone in my corner who genuinely cared about helping me reach my goals.
If you’re looking for a mortgage broker who is trustworthy, dependable, and willing to go the extra mile for their clients, I highly recommend them. I truly appreciate all of their hard work and would definitely work with them again!
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Kent Sisco
★★★★★
Adam McCormick is fantastic! Easy to work with and keep me informed every step of the way! Looking forward to working with him again in the future
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Andrea Ferrell
★★★★★
Adam was phenomenal from start to finish! He was friendly and professional. He assisted me every step of the way, walking me through the process with ease. He was always there for whatever questions I had. He was very, very patient and always reached out to me in a timely manner if I contacted him and he was unavailable at the time. Moreover, he made me feel as if he cared for more than just my loan, but me as a person!!! Texana is blessed to have him as an associate!!
Andrea
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Clay Ragsdale
★★★★★
Where to really start. Adam walked me through everything and put me at ease. I have had some bad experiences with other companies so I was digging and looking for any red flag. There was none with him and his direct talk is what did it for me. Someone that is real and just says what it is. No false hope or misdirection at anytime.
I would recommend him to anyone and definitely Someone looking for honesty and caring. The communication is top notch and a true professional.
Respectfully,
Clay
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Belvia Lynn
★★★★★
My overall experience while working with Adam McCormick was excellent. He was very pleasant and professional.
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Joseph Hardman
★★★★★
Adam McCormick is an absolute professional in every sense of the word. I will NEVER use any other loan officer for my financials other than Adam as long as he is in the business. His work as my loan officer was exceptional. Throughout the process, he always responded to an e-mail, responded to a text, called right back if not answering immediately. He always made you feel as though you were his only client. There was never the impression he had more important things to do other than speak with you. He worked with us through a death in the family, personal issues, and numerous other challenges. It's possible other loan officers would have given up on us during this process, but Adam stuck with us through it all. His work ethic is amazing. He is an expert in his craft. I could not possibly give a higher recommendation, he has redefined what right looks like in this business.
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Marsha Kessler-Bradshaw
★★★★★
I was about to go with another company for this refinance no cash out until I received a call from this Adam McCormick. He was so knowledgeable and made me feel very comfortable with this process. Adam is knowledgeable ,courteous, understanding and has a real passion and patience for people. 👍We are at the closing. Thank you Adam McCormick!!
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Peter Jenkins
★★★★★
My situation had its difficulties. Justin was confident and persistent through the process and we the got the result
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Dale Samuel
★★★★★
Mark has been very professional and has been very respectful to my wife and myself.
Mark has shown that genuine human qualities and really worked with us and for us.
This actually been a pleasure to get to know Mark.
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James Fields
★★★★★
Outstanding Service and support from a truly Customer Oriented Agent! My pleasure to have worked with Mr. MCcormick.! Would follow him to next source if necessary. He is concerned in an outstanding balanced way. My pleasure to?know and do Business with him and The Bank!
JFields
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Rose Stone-Stewart
★★★★★
Texana Bank was there for us throughout the entire process. Their personableness, as well, their professionalism. As a financial institution it was nice to know that while obtaining a loan, we had a safe place to relay. They are absolutely “by the book” and at the same time makes the process easier to participate. The hospitality and genuine concern as clients was overwhelming of which we will always consider Texana Bank first, before mostly any other financial institution.
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Mitchell Morris
★★★★★
Greg was awesome and the process was simple. I have nothing but the highest praise for the process and for Greg himself. Thank you.
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Ronald Bylsma
★★★★★
Best refi experience of our lives, Andre was very knowledgeable and always kept us calm when things got stressful. Would recommend Mr. Andre Floyd to anyone looking for a great lending officer!
