So, even if I purchased my house with a conventional mortgage, can I take advantage of a reverse mortgage program? The answer would be yes, with a few qualifiers.
The home for which you are seeking a reverse mortgage has to be either a single family house or a multi-unit property (such as a duplex or 4 plex). The caveat, again, is that you must own and occupy the property - in other words, no absentee landlords need apply.
In most cases, the reverse mortgage will apply to townhouses, detached homes or even units in a condominium development; but must be approved by the FHA (Federal Housing Authority).