Aloysius Hackett, was found at his home on Aghindarragh Road, between Augher and Clogher.
Police confirmed he had received a gunshot wound.
He was a loyal member of his local St McCartan's GAA club.
On Sunday, police launched a murder investigation.
The teenager, who was detained on Friday, was charged after detectives were given until Monday evening to charge or release him.
He is due to appear before Omagh Magistrates' Court on Tuesday.
A 17-year-old boy arrested in connection with the incident on Sunday has since been released.
It is understood three of Mr Hackett's children were overseas when news of his death emerged.
They are travelling home for his funeral which is due to take place in St McCartan's Church in Augher on Wednesday.
Pheilim Gildernew, Mayor of Dungannon and South Tyrone, told UTV that people are speculating about what happened.
"Nobody knows, but God help the people that are left to pick up the pieces.
"They'll get over it, I'm sure, their faith will take them through it - but to see such a family, such a great family just to be plunged into this, it beggars belief," added the Sinn Féin councillor.