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Reverse Mortgage Age Requirements

With a reverse mortgage, the homeowner does not make monthly mortgage payments. It can be a great option for people who have substantial equity in their homes and need extra money. Best of all, the loan does not have to be repaid until the homeowner no longer uses the home as their primary residence. It should be noted, however, that not everyone is eligible for a reverse mortgage. While there are generally no income or minimum credit score requirements to qualify for a reverse mortgage, a main eligibility factor is age.

To be eligible for a reverse mortgage, otherwise known as a Home Equity Conversion Mortgage (HECM), the borrower or borrowers must be 62 years of age or older.

While this is a pretty straightforward rule, many borrowers find it confusing when more than one borrower is involved such as a married couple. One common question many borrowers ask is whether or not a spouse can be eligible for a reverse mortgage if the other spouse is not 62 yet.This is where things can get a little more complicated.

If you’re married, and one of you is 62 or older but the other is not, the only way to be eligible for the reverse mortgage is to remove the younger, ineligible spouse’s name from the property deed.

This used to be a pretty risky choice, since non-borrowing spouses could have faced foreclosure or eviction if the borrowing spouse passed away before they did. Now, there are certain protections in place to help non-borrowing spouses remain in the home and avoid facing the risk of foreclosure. Read more about the changes to the non-borrowing spouse policy here.

As a final note, before taking out a reverse mortgage, make sure you have consulted with not only a qualified lender who specializes in reverse mortgages but also with an attorney. The information presented in this article is merely meant to educate consumers and cannot replace professional legal or mortgage counseling. Please contact Alphia Mortgage’s Reverse Division for a free, no obligation consultation.

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Potential Benefits of Reverse Mortgages**:

  • No monthly payments and no repayment is required until all borrowers are no longer using their property as their primary residence, all parties on the deed pass away, or they fail to pay their property taxes and homeowners insurance.
  • Tax free monthly income*
  • Payments can be used for whatever the borrower wants, including home renovations, consolidating debt, paying for medical expenses and insurance costs, and traveling and other leisure activities
  • Reverse mortgages provide a tool that allows seniors to tap into the equity they have in their homes. There are no income or minimum credit score qualifications. In today’s tightening credit markets, reverse mortgage products may be one of the best solutions available to most retired homeowners.
  • Possibly the greatest benefit of all, reverse mortgage programs may help seniorsremain in their homes that they have worked so hard to pay for throughout their lives.
  • A reverse mortgage is what we call a non-recourse loan. This means that with a reverse mortgage you are not personally liable. The liability is only to the extent of the value of your home at time of sale, death or vacating the premises as your permanent residence. You are not liable nor are your heirs personally liable; they can either sell the home at time of your death or keep the home and pay off the remaining balance of the reverse mortgage.

Talk to a reverse mortgage professional to learn more about some of the benefits of reverse mortgages and to see if one is right for your financial needs.

*Consult a financial tax professional for details.
**Loan benefits and parameters are subject to change. Consult with a mortgage professional for up-to-date information.

Learn more about how people are using home equity conversion mortgages for purchasing homes:

Please keep in mind that the reverse mortgage industry is constantly changing and some of the information contained on this site may not be current. Please ask a licensed reverse mortgage professional for up-to-date guidelines.