What is typically the age threshold for borrowers to access reverse mortgages?

The age threshold for borrowers to access reverse mortgages is generally set at 62 years old. This requirement is primarily due to the structure and purpose of reverse mortgages, such as Home Equity Conversion Mortgages (HECM), which are federally insured and designed for older homeowners. The program aims to provide financial flexibility and stability for seniors, allowing them to convert a portion of their home equity into cash while remaining in their homes. By setting the age limit at 62, the program targets individuals who are typically retired and may have fixed incomes, ensuring that the reverse mortgage serves its intended demographic effectively.

The other age options are lower than the established threshold, which reflects the age expectation for retirement and financial independence that aligns with the purpose of reverse mortgages. As such, they do not meet the criteria set for accessing these financial products.