Age 62 is the key threshold for a standard reverse mortgage. Here is exactly how the age rule works.
Why is 62 the minimum age for a reverse mortgage?
Age 62 is the federal minimum for a HECM because the program is tied to retirement-age homeowners and FHA insurance rules. The age of the youngest borrower (or eligible non-borrowing spouse) drives the calculation: the younger that person, the smaller the percentage of equity you can access, since the loan is expected to last longer. So a couple where one spouse is 62 qualifies for less than a couple both in their 70s. Reaching 62 unlocks eligibility, but waiting can increase your payout. Call 1-800-MEDIGAP to see how your age affects your options.
What if one spouse is under 62?
If one spouse is under 62, only the qualifying spouse can be a borrower, but the younger spouse may be listed as an eligible non-borrowing spouse. This provides important protection: if the borrowing spouse dies, the non-borrowing spouse can typically remain in the home under HUD's deferral rules, provided conditions are met. However, the loan calculation uses the younger non-borrowing spouse's age, which reduces the amount available. Some proprietary reverse mortgages allow borrowers as young as 55 in certain states. Call 1-800-MEDIGAP to explore the best path for a mixed-age couple.