How old do you have to be for reverse mortgage?

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Reverse mortgages are a financial tool that allows homeowners to convert a portion of their home equity into cash. This can be particularly beneficial for older individuals who may need additional income to support their retirement. However, there are certain age requirements that must be met in order to qualify for a reverse mortgage. In this article, we will explore the minimum age criteria for obtaining a reverse mortgage and discuss the implications of this requirement.

Minimum Age for Reverse Mortgage

To be eligible for a reverse mortgage, the borrower must typically be at least 62 years old. This age requirement is set by the Federal Housing Administration (FHA), which insures most reverse mortgages in the United States. The rationale behind this minimum age is to ensure that borrowers have reached a certain stage in life where they are more likely to benefit from the financial assistance provided by a reverse mortgage.

Implications of the Age Requirement

The minimum age requirement for reverse mortgages has several implications. Firstly, it ensures that borrowers have had sufficient time to build up equity in their homes. Since reverse mortgages are based on the amount of equity in the home, older borrowers are more likely to have a significant amount of equity that can be tapped into.

Secondly, the age requirement also takes into consideration the fact that older individuals may have a greater need for additional income. As people age, their expenses tend to increase, especially in terms of healthcare and other related costs. By allowing individuals to access their home equity through a reverse mortgage, they can supplement their retirement income and meet these financial obligations.

Furthermore, the age requirement also serves as a protective measure for borrowers. Reverse mortgages are designed to be long-term loans, and the older the borrower, the longer the loan is likely to be in effect. By setting a minimum age requirement, the FHA ensures that borrowers have a reasonable life expectancy to benefit from the loan without the risk of running out of funds too soon.

Other Eligibility Criteria

While the minimum age requirement is a crucial factor in determining eligibility for a reverse mortgage, it is not the only criterion that borrowers must meet. Other eligibility criteria include:

Homeownership: The borrower must own the home outright or have a significant amount of equity in it. This means that the mortgage balance should be low enough to be paid off with the proceeds from the reverse mortgage.

Occupancy: The home must be the borrower’s primary residence. This means that the borrower must live in the home for the majority of the year.

Financial Assessment: Borrowers are also subject to a financial assessment to determine their ability to meet the ongoing obligations of the reverse mortgage, such as property taxes and insurance.


In conclusion, the minimum age requirement for a reverse mortgage is typically 62 years old. This age criterion ensures that borrowers have had sufficient time to build up equity in their homes and have a greater need for additional income during retirement. It also serves as a protective measure to ensure that borrowers can benefit from the loan for a reasonable period of time. However, it is important to note that meeting the minimum age requirement is just one aspect of eligibility for a reverse mortgage, and other criteria must also be fulfilled.


– Federal Housing Administration:
– Consumer Financial Protection Bureau: