How old do you have to be to get a reverse mortgage?

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Reverse mortgages are a financial tool that allows homeowners to access the equity in their homes without having to sell or move out. They can be a useful option for seniors who need additional income or want to supplement their retirement funds. However, one common question that arises is, “How old do you have to be to get a reverse mortgage?” In this article, we will explore the age requirements for obtaining a reverse mortgage and provide a comprehensive understanding of the topic.

Age Requirements for Reverse Mortgages

To be eligible for a reverse mortgage, borrowers must meet certain age requirements. The minimum age to qualify for a reverse mortgage is typically 62 years old. This age requirement is set by the Federal Housing Administration (FHA), which insures most reverse mortgages in the United States.

The reason for the minimum age requirement is that reverse mortgages are designed to provide financial assistance to seniors who have reached retirement age. By setting the age limit at 62, the FHA ensures that borrowers are at least eligible for Social Security benefits, which typically begin at age 62.

It is important to note that all borrowers listed on the title of the home must meet the age requirement. If a married couple is applying for a reverse mortgage, both individuals must be at least 62 years old. If one spouse is under 62, they will not be considered a borrower and will not be able to access the reverse mortgage funds.

Benefits of Waiting to Apply

While the minimum age requirement for a reverse mortgage is 62, there can be benefits to waiting until a later age to apply. The older you are when you apply for a reverse mortgage, the more money you may be eligible to receive. This is because the loan amount is determined by factors such as the appraised value of the home, the age of the borrower, and the current interest rates.

As you get older, the loan-to-value ratio increases, meaning you can potentially access a larger percentage of your home’s equity. Additionally, the interest rates on reverse mortgages tend to be lower for older borrowers. Waiting until you are older may result in a more favorable loan amount and interest rate.

Other Eligibility Requirements

In addition to meeting the age requirement, there are other eligibility criteria for obtaining a reverse mortgage. These requirements include:

Homeownership: You must own a home and live in it as your primary residence. Vacation homes or investment properties do not qualify for a reverse mortgage.

Equity: You must have sufficient equity in your home to qualify for a reverse mortgage. The exact amount of equity required will depend on factors such as the appraised value of the home and any existing mortgage balances.

Financial Assessment: Since 2015, the FHA has implemented a financial assessment process to ensure that borrowers have the ability to meet their financial obligations, such as property taxes and homeowners insurance. This assessment considers factors such as income, credit history, and expenses.


In conclusion, the minimum age to qualify for a reverse mortgage is 62 years old. However, it is important to consider waiting until a later age to apply, as this can result in a higher loan amount and more favorable interest rates. Meeting the age requirement is just one aspect of eligibility, as borrowers must also meet other criteria such as homeownership and sufficient equity in the home. If you are considering a reverse mortgage, it is advisable to consult with a reputable lender or financial advisor to determine if it is the right option for your specific circumstances.