Reverse Mortgage Age Limit

Reverse mortgages are a great tool for seniors to use in order to access the equity they have built up in their homes. However, there are some age restrictions in place that determine who is eligible for a reverse mortgage. In this blog post, we will discuss the reverse mortgage age limit and how it affects your eligibility for a reverse mortgage.

Your age is the primary and important factor that affects your eligibility for a reverse mortgage. If you meet the reverse mortgage age requirement that is 62 years or older, you could get the federally-insured Home Equity Conversion Mortgage (HECM) program. 

Key Takeaways

  • To become an eligible HECM (Home Equity Conversion Mortgage) borrower your age should be the age at least 62.
  • Borrowers of more advanced age can take out a larger portion of their home’s equity. This is due to the fact that the longer you wait to take out a loan, the shorter your life expectancy will be.
  • You must have enough money so that you are able to pay property taxes, insurance, and home maintenance expenses.
reverse mortgage age limit

Reverse Mortgage Minimum Age Requirement

To become an eligible HECM (Home Equity Conversion Mortgage) borrower your age should be the age at least 62. Also, there should be equity in your home, and financial resources to cover property tax, insurance, and maintenance expenses. If the spouse of a borrower is not yet 62, the older spouse can get a reverse mortgage, and the younger one can be known as an “eligible non-borrowing spouse.”

You can access the amount from a reverse mortgage in a few different ways including a line of credit, monthly payments, a lump sum, or a combination of any of the given options. Also, you can use the money in whatever way you want such as for groceries, medication, or even utility bills.

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

To get a reverse mortgage, you must be 62 years or older, and your home must be your primary residence (i.e., where you spend the vast majority of your time) in order to qualify for a reverse mortgage.

Older borrowers can access a larger part of their home’s equity. This is because the more you are older, your life expectancy is shorter, which means that your loan will also run for a short period of time.

Can You Qualify For Reverse Mortgage At the Age of 55?

No, the minimum age to be eligible for a standard reverse mortgage is 62.

A recent development in reverse mortgage on 9/1/21 has now started offering proprietary reverse mortgage programs to people 55 and older. Get in touch with Brett today to learn more!

Retirement age brings financial difficulties for many homeowners. Some people are having difficulty because of their meager income. Some people may exhaust their resources. Whether for themselves or their loved ones, seniors must close the gap in their financial security.

A reverse mortgage is one option for retirees 62 and up who are having financial difficulties. A home equity loan is a way for a homeowner to convert some of their property’s value into liquid funds.

Reverse Mortgage Age Chart 2023


Table content from HUD.

Using the example expected rate of 5.465%, the Principal Limit Factors can be calculated. However, remember to deduct upfront insurance costs (approximately 3%) to determine your NET principal limit.

Reverse Mortgage Loan Requirements

Getting a reverse mortgage loan is not as easy as getting any other home loan. You will have to meet certain requirements before you can apply for this type of loan.

  • To apply for a reverse mortgage loan you must be at least 62 years or older. It is designed to help seniors thus the loan is available to you in retirement age.
  • Your home must be your primary residence.
  • You need to attend a counseling session with the Department of Housing and Urban Development (HUD). It will provide you with a list of third-party agencies that will make you aware of the pros and cons of a reverse mortgage.
  • You must have enough money so that you are able to pay property taxes, insurance, and home maintenance expenses.

How much loan amount you can get under a reverse mortgage?

For the government-insured Home Equity Conversion Mortgage (HECM), the maximum reverse mortgage limit you can borrow against is $1,089,300 (updated January 1st, 2023), even if your home is appraised at a higher value than that.

This is because the Federal Housing Administration (FHA) has set a cap on the maximum loan amount that is guaranteed by them. However, homeowners can still access equity beyond this limit by applying for a jumbo reverse mortgage. These are private loans that are not insured by the FHA and typically have different qualification requirements and fees.

reverse mortgage age limit


When life’s necessities, desires, and joys come knocking, it’s the best reverse mortgage companies that can help you unlock your beloved home’s potential value. With the right plan in place, you can make everything from your dream education to your retirement and travel aspirations come true. Today’s reality may come with uncertainty, but a reverse mortgage can provide a sense of security for the time you do have. If you’re considering a reverse mortgage and have additional questions about what age you can do a. reverse mortgage, contact a reverse mortgage specialist now and know your option. 

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