26 Aug
26Aug

When people reach out to me about reverse mortgages, they often think that the reverse mortgage age requirement is simply being "retired".  I think that notion has evolved a bit over the years.  Most people I speak with think the age requirement is 62 and sometimes 65..

Well, the reverse mortgage age requirement in 2022 actually depends on the type of reverse mortgage and in some cases the state you reside in.  For the purpose of this post, since we're a California, Colorado, and Idaho licensed Mortgage Broker, we're referring to the rules in these states.  

Types of Reverse Mortgages in 2022

There are two types of reverse mortgages available in 2022.  First, there is the FHA Reverse Mortgage.  For the FHA type of reverse mortgage, the age requirement is 62 or older.  If you happen to be a married couple, only one of the spouses needs to be aged 62 plus.  The younger spouse would be considered a non borrowing spouse, but the loan would be based on the younger spouses age.  In this case both spouses can live in the home for the rest of their life without making a monthly payment.  However, the non borrowing spouse does have some other limitations that they would not have if they were age 62 or older at the time of loan funding.  They are not too bad though.  Just make sure you find out what they are.

The second type of reverse mortgage available in 2022 is a Jumbo or Proprietary Reverse Mortgage.  The reverse mortgage age requirement for this program is currently set at age 55 or older.  While there might be many brokers or lenders offering this product, there are really only about 5 lenders / investors offering it.  Some lenders act as a broker for these programs.  Each of these programs have different rules in terms of non borrowing spouses that are not aged 55 or over.  Most of them don't allow these transactions as it can leave the younger spouse in a position where they may not have a place to live if the borrower passes away first.  Some will allow these transactions, but they will require a video with an attorney to make sure that you understand that BOTH of you can't live in the home forever without making a payment.  

In 2022, reverse mortgages are very safe financial vehicles.  However, there are a few quirks to them.  The main one pertains to non borrowing spouse situations.  If that applies to you, make sure you both understand how it works.  

It's all about education.

Author, Shawn Vaillancourt

Want more info about a reverse mortgage? Call us at (949) 492-2252 x704 or  Email us at Shawn@LifeSourceMortgage.com

NMLS#3211759, ID MLB# 20803211759, CA BRE# 01869699

The author of this post has an extremely comprehensive website at Reverse Mortgage Info.

Here is our YouTube Channel with plenty of Reverse Mortgage Info.

Here is Shawn's YouTube Channel called Reversed TV.




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