[Q&A] What Are the Reverse Mortgage Age Requirements for Borrowers and Spouses?

The reverse mortgage age requirement for borrowers and spouses for a federally insured reverse mortgage is 62 years old. In certain cases, however, homeowners as young as 55 may qualify for another type of reverse mortgage loan.

A reverse mortgage is a loan that allows homeowners who own their homes outright or have a large amount of home equity to convert that equity into payments to themselves. The loan doesn’t need to be repaid for as long as the borrower remains living in the home or until they die or the house is sold.

Table of Contents

1. Age requirement for a reverse mortgage
2. What is the reverse mortgage age requirement for your spouse? 
3. Is it possible to get a reverse mortgage under age 62? 
4. Can you get a reverse mortgage if you’re disabled and under 62?
5. Alternatives

Is there an age requirement for a reverse mortgage? 

You and your spouse must be at least 62 years old to be eligible for a Federal Housing Administration (FHA)-insured Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage loan. However, a spouse under the age of 62 can be listed as a non-eligible co-borrower on the reverse mortgage loan as long as they live in the home full-time.

Another type of reverse mortgage that generally requires an age of 62 is a single-purpose reverse mortgage loan offered by some state and local governments. Unlike HECM reverse mortgages, this reverse mortgage must be used only for the purpose specified by the lender. For example, the purpose might be restricted to home repairs or property taxes.

The age requirement of 62 on HECM reverse mortgages is designed for homeowners nearing retirement who wish to supplement their income. To apply for an HECM, the borrower must be at least age 62 at the time of the loan application. Learn more about reverse mortgage eligibility requirements in our guide.

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What is the reverse mortgage age requirement for your spouse? 

The age requirement for a reverse mortgage depends on which type you take out. A co-borrowing spouse on a HECM reverse mortgage must be at least 62 years old. 

For privately insured proprietary and government-issued reverse mortgages, the spouse age requirement may be at least 62, 60, or 55, depending on the lender or state or local government requirements.

If your spouse doesn’t meet the age requirement, you can still list them as a non-borrowing spouse on the reverse mortgage loan. As an eligible (living in the home full-time or married at the loan closing) non-borrower, your spouse won’t have access to the reverse mortgage loan funds while you’re alive and a primary resident in the home. 

However, if you move out of the home for 12 consecutive months—say, to a nursing home—or you die, an eligible non-borrowing spouse is allowed to remain in the home and defer loan repayment but can’t access loan proceeds. They can continue living in the home for as long as the HECM is not in default and they:

• Are named as an eligible non-borrowing spouse on the loan documents
• Were legally married to you at the time of the loan closing and stayed married to you and living in the home until your death
• Weren’t legally allowed to marry as a same-sex couple until 2014 but legally married after that date and remained married and living in the home until your death
• Have legal title to the home or obtain legal title within 90 days of your death
• Meet the lender’s reverse mortgage requirements, such as keeping property taxes up-to-date, staying up-to-date on homeowner’s insurance for the property, and maintaining the home and property in good condition

If your spouse is an ineligible non-borrower on the reverse mortgage, your spouse won’t be allowed to live in the home if you move out for longer than 12 months or die. In that case, your heirs must pay the loan balance in full, sell the house to pay the loan balance, or surrender the home to the lender to pay the debt.

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Is it possible to get a reverse mortgage if you’re under 62? 

If you don’t meet the age 62 requirement for an HECM reverse mortgage, you may still qualify for another reverse mortgage option.  

If you are under the age of 62 but at least 55 years old and have home equity in a high-value home, or a condo or townhome that’s ineligible for a federally funded HECM, you may qualify for a privately insured proprietary jumbo reverse mortgage loan. Proprietary jumbo reverse mortgage loans have eligibility requirements and terms that differ from HECMs, depending on the lender.

These differences typically include: 

• Available in some (but not all) states for borrowers 55, 60, 62, or older
• Designed for high-value homes and condos that don’t meet FHA requirements
• May have higher interest rates than HECMs
• May have lower closing costs than HECMs
• May have more lenient financial requirements, and payment and loan terms
• Paid out in a lump sum
• Maximum loan amount of $4 million (2025 HECM maximum loan amount is $1,209,750)
• May not require mandated reverse mortgage counseling or mortgage insurance fees

HECM age requirements are always 62 years or older for eligible borrowers. However, proprietary reverse mortgage age requirements and terms vary by lender. For example, Longbridge Financial offers a proprietary jumbo reverse mortgage loan available for borrowers aged 55, 60, or 62 but only in certain states. 

Finance of America’s proprietary reverse mortgage age requirement is 55 in some states, but in Massachusetts, New York, and Washington, the company’s minimum age for the reverse mortgage loan is 60. The minimum age in North Carolina for this company’s proprietary reverse mortgage loan is 62.

Here’s a closer look at reverse mortgage companies’ age requirements related to the type of mortgage offered.

Company	Age requirement	Reverse mortgage type
Longbridge Financial	55, 60, or 62 (depending on the state)	Proprietary
Finance of America	55	Proprietary
Fairway Independent Mortgage Company	55	Proprietary
Premier Reverse Mortgage	55, 60, or 62 (depending on the state)	Proprietary
Liberty Reverse Mortgage	62	HECM
Mutual of Omaha	55 (in some states)	Proprietary

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Can you get a reverse mortgage if you’re disabled and under 62?

Having a disability doesn’t allow you to get a reverse mortgage if you’re under 62 whether you’re applying for an HECM, a proprietary reverse mortgage, or a single-purpose reverse mortgage. Whether you’re disabled plays no part in reverse mortgage eligibility. 

If you’re under 62 and disabled, you may want to explore proprietary reverse mortgage options.

For a client approaching age 62 and considering a reverse mortgage, we decide if it’s the right move by first assessing their needs, the expected loan amount, and the urgency of the situation, along with other income sources (such as Social Security, pensions, and investments). If the need is not immediate and they do not yet qualify, I may suggest they consider alternatives like a bridge loan, home equity loan, HELOC, or renting out part of their home for additional income.

Alternatives if you don’t meet the reverse mortgage age requirement 

If you don’t meet the reverse mortgage age requirement and need extra cash to make large purchases, pay off debt, go to school, or for another purpose, there are other ways to meet your cash needs. Below are alternatives to a reverse mortgage to consider.

Sell your home

If you need a large amount of money and have enough equity in your home to come out ahead, selling your home may be an option. Keeping your home so it goes up in value is ideal but may not be wise if you’re having trouble making mortgage payments, tackling repair and maintenance costs, or staying up-to-date on annual property taxes or insurance.

In that scenario, selling your home and starting fresh with the home sale proceeds may be best.

In some cases, downsizing and selling the current home to free up cash could be a viable option. If you opt for downsizing, think ahead about aging in place, considering factors like wider hallways, single-story layouts, 55+ communities, or Continuing Care Retirement Communities (CCRCs) to ensure your new home meets your long-term needs. 

Refinance

If you’re having trouble paying your monthly bills, you might consider refinancing your mortgage with a new mortgage. This may help you get a lower interest rate, lower your monthly mortgage payment, or receive more desirable loan terms. With a cash-out refinance, you could refinance your original mortgage for a higher amount and receive extra cash for your needs.

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HELOC

If you have a large amount of equity in your home, a home equity line of credit (HELOC) could fund your fast-cash needs. With a HELOC, you have a draw period on funds and make interest-only payments until the repayment period, typically from five to 30 years, begins.

Generally, you can use HELOC funds for nearly anything, and the interest may be tax-deductible. The downside of a HELOC is that your home serves as collateral. So, if you default on repayment, the bank can foreclose on your house.

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Home equity loan

With a home equity loan, you can receive a lump sum based on the equity you have in your home. Home equity loans typically have fixed interest rates. However, home equity loans usually have origination and other fees that drive up the total cost. With this type of loan, your home is collateral, so if you default, the bank can repossess it.

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Personal loan

You may be eligible for a personal loan for the needed cash. Personal loans are available to borrowers with good-to-excellent credit who meet income and other eligibility requirements. You may still qualify for a personal loan even with fair or poor credit. However, you’ll typically pay a much higher interest rate.

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