What age do you have to be to be eligible for a reverse mortgage?

To qualify for a reverse mortgage, the homeowner must be at least 62 years of age and be living in the residence, notes the United States Department of Housing and Urban Development (HUD). The home must be owned outright, or the homeowner must be able to pay off a low mortgage balance when receiving the reverse mortgage loan.

In addition, the homeowner must have the financial ability to pay taxes, insurance and other property costs during the term of the reverse mortgage, notes HUD. Prior to accepting a reverse mortgage, the homeowner must meet with a consumer counselor. The amount of money available under a reverse mortgage depends on the current interest rate, the age of the youngest borrower on the loan and the appraised limit of the home.