At what age are homeowners eligible to apply for a reverse mortgage?

Homeowners are eligible to apply for a reverse mortgage at the age of 62. This age requirement is established by the Home Equity Conversion Mortgage (HECM) program, which is the most common type of reverse mortgage insured by the Federal Housing Administration (FHA). The purpose of this age threshold is largely to ensure that the borrower is at an older age when they may need additional financial support in retirement, allowing them to convert their home equity into cash without the obligation of monthly mortgage payments.

The ability to tap into home equity through a reverse mortgage can provide significant financial benefits for seniors who want to cover living expenses, healthcare costs, or even fund their retirement lifestyle. By setting the eligibility age at 62, the program targets individuals who are more likely to be considering retirement and may be shifting their financial focus to managing resources effectively.