Do Both Spouses Have to Be 62 to Get a Reverse Mortgage?
Explains how the age rule works for married couples. At least one borrower must be 62 or older. A younger spouse can be a 'non-borrowing spouse,' which carries important federal protections that may allow them to remain in the home, though it can affect how much you qualify for. Getting this set up correctly protects both spouses.
Key points
- At least one borrower must be 62 or older
- A younger spouse can be a non-borrowing spouse
- Non-borrowing spouse protections may apply
- Can affect the amount available
Video transcript
In this video we talk about the age requirements for married couples trying to do a reverse mortgage.
Many of our clients have asked if both married borrowers have to be 62 years old to do a reverse mortgage. The answer is NO: both married borrowers do not have to be 62 years or older to be in the program.
As long as at least one of the spouses is 62 or older, you can be considered. If the other spouse is under 62, they can generally be listed as an eligible non-borrowing spouse — a status that carries important protections that may allow them to remain in the home, though it can affect how much you qualify for. Every situation is different, so it's worth reviewing your specific case.