Category : Reverse Mortgage

Many retirees find reverse mortgages to be exceptionally beneficial. While gaining access to cash, retirees are able to renovate their homes, travel, assist beloved grandchildren with college tuition, and so much more. If you’re interested in a reverse mortgage but you’re not sure if you meet the age requirement, you’ve come to the right place. Let’s take a look at the reverse mortgage age requirement and other requirements that you may need to prepare for. 

Reverse Mortgage Minimum Age

At most lending institutions, to qualify for a reverse mortgage, you must be at least 62 years of age. While some lending institutions may allow for some wiggle room and you can be a little younger, 62 is usually the standard age. To find out the exact age requirement, visit your local lenders and learn about their exact requirements. 

retired couple holding hands while walking

Have Home Equity

Alongside meeting the reverse mortgage age requirement, most lending institutions require you to fully own your home or have at least paid a large amount of your mortgage. While the exact percentage of outright homeownership will vary with each lender, most will require you to have no less than 50% of equity in your home to qualify for a reverse mortgage. 

Principal Residence

The property you wish to take a reverse mortgage on must be your principal residence. Meaning, you must reside there for the majority of the year. Luckily, because of the reverse mortgage age requirement, most retirees have no issue with this requirement. A lot of retirees have lived in their homes for decades and have no desire to move. 

happy retired woman dancing in her home

You can enjoy having cash from your reverse mortgage all while living in a home you’ve created beautiful memories in. If you’re not interested in moving, a reverse mortgage is a great option to liquify your assets. 

No Delinquent Federal Debt

In order to qualify for a reverse mortgage, you must have no delinquent federal debt. Debt is usually considered delinquent after they go beyond 31 days past due. A reverse mortgage can be used as a method to get out of debt. You’ll gain access to cash that may have otherwise been inaccessible. Allowing you to pay off any outstanding debt that you would like to decrease or completely eliminate. 

Current Home Maintenance Payments and Credit Checks

Alongside the reverse mortgage age requirement, you must also ensure that you are current with all of your standard home maintenance payments. Home maintenance payments usually include property taxes, insurance, and Homeowners Association (HOA) fees. The lending institution of your choice may also perform a credit check and other eligibility requirements. 


While the reverse mortgage minimum age is usually the first thing on the list to be checked off, it is not the only thing. If you’re 62 or over and you’re interested in a reverse mortgage, ensure that you will qualify by making sure you’re in good standing in all other areas as the reverse mortgage age requirement is just the start. Cheers to a happy retirement!