Reverse Mortgage Age Limit

Your age is the primary and important factor that affects your opens in a new windoweligibility for a reverse mortgage. If you meet the reverse mortgage age requirement that is 55 years or older, you could get the federally-insured Home Equity Conversion Mortgage (HECM) program. 

A reverse mortgage is a Federal Housing Administration (FHA) insured loan that helps seniors in many ways. A reverse mortgage enables seniors to access a portion of their home’s equity to obtain tax-free funds without having to pay monthly mortgage payments. It can secure you financially while helping you live a stress-free life after retirement.

With a reverse mortgage, you can pay for your health expenses, huge utility bills, traveling expenses, and opens in a new windowpay off your debt. The reverse mortgage does not demand any monthly mortgage payments from you. Best of all, you need not repay the loan until you are the primary residence of your house.

Reverse Mortgage Minimum Age Requirement

To become an eligible HECM (Home Equity Conversion Mortgage) borrower your age should be the age at least 55. 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 55, 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?

Besides being at least age 55, there is no maximum reverse mortgage age limit for applying for a reverse mortgage. The only condition for age is that you should be at least 55 or older.

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. Moreover, the older you are, the more equity you have in your home which will lower your reverse mortgage loan balance.

Can You Qualify For Reverse Mortgage At 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!

A reverse mortgage does not have any defined end date. Instead, this typically ends either when the homeowner passes away or permanently moves out of the house. Therefore, if reverse mortgages offer to homeowners who are, say, 55 years old, the loan on lenders’ books can last for 40 or 50 years or more.

Further, the loan amount typically depends on the age, the older you are, the more loan amount you may receive. If you are younger than age 55, the payments or credit line will be set at a much lower amount. So, for these reasons there is no reverse mortgage for age 55, you can get it only when you turn 55 or older.

Another reason for the minimum age of 55 is that reverse mortgages are there to help retirees who have little money but significant equity in their homes. Reverse mortgage loan helps these retirees turn their home equity into cash without any burden of the monthly loan payments. Instead, the lender pays you a monthly amount until you live in our house or alive.

Reverse Mortgage Age Chart 2022

Age of BorrowerPrincipal Limit FactorCurrent Lending Limit
PLF tables source: opens in a new window

Reverse Mortgage Loan Requirements

  • To apply for a reverse mortgage loan you must be at least 55 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?

Your age plays an important role in how much you will get from the reverse mortgage loan. Lenders often use the age of the youngest homeowner to determine the loan amount. Lenders also keep in mind the current interest rates and fees, along with the home’s appraised value. 

According to FHA, a home with high value, owned by 55 years and older owner that qualifies for the lowest interest rate, gets the maximum loan amount from the reverse mortgage.
Make sure you opens in a new windowchoose the best reverse mortgage lender who can guide you and help you navigate through the process smoothly. 


Reverse mortgages help retirees in many ways and make you financially strong. Seniors can use their reverse mortgage to pay for property taxes, home improvements, shopping, traveling, and more. 

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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