Reverse Mortgage Age Chart 2022

Reverse mortgages can be a great way to supplement retirement savings, Social Security, or pensions or serve as your main source of retirement cash flow.

A reverse mortgage, also known as a home equity conversion mortgage (HECM), is not available to everyone. One important requirement to keep in mind is age. An HECM is only available to borrowers who are 62 or older. However, the way that age requirements operate can sometimes be a little more complicated, particularly when taking spouses into account.

What you should know about reverse mortgage age requirements is covered in this article. A reverse mortgage age chart is also available, and we’ll go over some additional eligibility criteria that you should be aware of.

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.

Reverse Mortgage Age Chart 2022.
Age of Borrower Principal Limit Factor Current Lending Limit
90 70.5% $970,800

Is there a minimum age requirement for reverse mortgages?

Yes, the reverse mortgage age requirement is 62 or older. However, if the primary borrower is 62 or older, spouses under 62 are eligible. As of the FHA’s 2017 regulations, spouses under the age of 62 are allowed to file as non-borrowing spouses.

Reverse mortgage spousal requirements

If they are over 62, spouses may sign up for the HECM loan as borrowers. Even if they are not co-borrowers, borrowers under the age of 62 may file as a non-borrowing spouse, giving them certain privileges and rights over the property.

In the past, to qualify for a reverse mortgage loan, the borrower had to omit the name of any partners listed on the property title who were under the age of 62. The HUD changed the HECM program, overturning this clause, in their 2017 amendment to the rules. HUD now permits non-borrowing spouses to continue to be on the title even if they do not apply for the loan. As a result, a couple no longer needs to have their non-qualified partners removed from the title before applying for an HECM.

Qualified non-borrowing spouses listed on the reverse mortgage loan file will be permitted to live in the property in the event that the borrowing mortgagee dies while the loan is still in effect. They must, however, adhere to HUD requirements and affirm each year that they are the late mortgagee’s non-borrowing spouse and are still residing in the property.

HECM loans are subject to the 62-year-old reverse mortgage age restriction. That’s because the FHA, which also insures this type of reverse mortgage, oversees and administers the HECM program. However, not all reverse mortgages are HECM loans; proprietary reverse mortgages are also available.

  • Note: Since they allow homeowners with homes priced above the HECM claim limits to take out a reverse mortgage on their house, proprietary reverse mortgages are also known as jumbo reverse mortgages. Proprietary reverse mortgages can be beneficial for borrowers in certain cases, so it’s a good idea to look at these loan options if you’re thinking about getting a reverse mortgage.
  • Proprietary reverse mortgages are not always subject to the same regulations as HECM reverse mortgages.

    The FHA insures HECM loans, ensuring that the lender won’t lose as much money as they would otherwise if the borrower defaults. This insurance makes it possible for HECM loans, like those offered by GoodLife Home Loans, to have low interest rates and advantageous terms, but it also binds them to a specific set of regulations.

    Individual lending companies handle the administration of proprietary reverse mortgages, allowing them to choose the terms and conditions that apply to them. Additionally, depending on the organization, some lenders may permit borrowers who are younger than the HECM limit of 62 years old.

    Consider speaking with a GoodLife Reverse Mortgage Specialist if you believe a proprietary reverse mortgage would be the best option for your financial situation. They will be happy to explain the process and your eligibility.

    Does age affect the amount I receive from my reverse mortgage?

    Yes, in addition to determining your eligibility for a reverse mortgage, your age will also have an impact on the amount you may be able to access with a reverse mortgage. In addition to some other factors, like the assessed value of your home, the older you are, the more money you are likely to have access to.

    View the reverse mortgage age chart to get a better idea of the amount you might qualify for given your age.

    Reverse Mortgage Proceeds Based on Age and Appraised Property Value (APV)

    You can also use our free reverse mortgage calculator to learn more about how a reverse mortgage might affect your household finances.

    Other HECM eligibility requirements to keep in mind

    The Federal Housing Administration (FHA) and the Department of Housing and Urban Development (HUD) are federal agencies that regulate HECM reverse mortgages. Therefore, borrowers must meet the following requirements in addition to the reverse mortgage age limit:

  • Borrowers must be at least 62 years of age
  • Borrowers must have substantial equity in their home
  • Borrowers must meet with a HUD-approved third-party counselor
  • Borrowers must occupy the property as their primary residence
  • Borrowers must be current on debts and other financial obligations
  • Borrowers are required to maintain their home to all FHA standards
  • Reverse mortgage applicants must also fulfill the requirements listed above before moving on to our application process, which consists of just 4 easy steps:

  • Education: First, one of our Specialists will go over the reverse mortgage qualifications with you. We will also assist you in evaluating your retirement plans to determine if this type of funding is appropriate for you.
  • Counseling: The HUD requires all HECM applicants to meet with an accredited third-party counselor. Borrowers consult with this counselor to better understand how a reverse mortgage can fit into their retirement budget and planning.
  • Application: An FHA-approved appraiser can assess the worth of your home, as well as the amount of money you can borrow. They’ll also make sure the house meets FHA specifications.
  • Funding: Applicants may opt to collect loan proceeds as a lump sum, a line of credit, or a series of monthly payments once they’ve been accepted. Because of our fast and painless process, disbursement will begin soon after your loan has been accepted.
  • Review the reverse mortgage eligibility page if you’re curious about your own eligibility. Additionally, if you have any further inquiries, a GoodLife Reverse Mortgage Specialist is standing by to take your call. Just get in touch with us.

    Funding your retirement and living the GoodLife

    Retirement funding is one of the most important aspects of financial planning. This is even more important for those with little or no retirement savings, who account for nearly half of Americans over the age of 55, according to AARP.

    A reverse mortgage can help. At GoodLife, our reverse mortgage application process is fast. It requires just four simple steps to complete. We assist you in quickly and effectively obtaining the funding you require so you can concentrate on what’s most important: relishing your retirement. You can add a crucial line of cash flow to your retirement portfolio by drawing on your home equity and using it to fuel your retirement. Try our free reverse mortgage calculator to determine how much you might be eligible to receive, or contact a GoodLife Reverse Mortgage Specialist to learn more about funding your retirement.


    What is the age limit for a reverse mortgage?

    The most popular type of reverse mortgage loan is called a Home Equity Conversion Mortgage (HECM), and it is only available to homeowners who are 62 years old or older.

    How much can a 70 year old borrow on a reverse mortgage?

    Age of Borrower, Principal Limit Factor, and Current Lending Limit are 2023’s Reverse Mortgage Principal Limit Factors.7043 3%$1,089,3007546. 1%$1,089,3008050. 5%$1,089,3008556. 4%$1,089,300.

    Why do you have to be 62 for a reverse mortgage?

    You must be 62 years of age or older. This loan is only available to people in retirement because reverse mortgages were created to help seniors age in place. You must be the owner of the property and be listed on the title.

    Can an 80 year old get a reverse mortgage?

    Key Takeaways. Homeowners 62 and older can apply for a reverse mortgage as a type of loan. It enables you to turn a portion of the equity in your home into cash. To be eligible for a reverse mortgage, a borrower must possess their own residence and have sufficient equity.