Can You Get a Reverse Mortgage Before 62? Proprietary Options for 55+

Maybe you’re 57 and thinking about retiring early.

Maybe you’re 60 and your budget feels tight. Or your spouse is 64 and you’re 58, and you’re wondering if your age keeps you from getting a reverse mortgage together.

You may have heard that you have to be 62 to get a reverse mortgage. That’s true for the most common type of reverse mortgage. It’s not true for every type.

Some private lenders offer proprietary reverse mortgages that may be available to homeowners as young as 55 in certain states.

Let’s walk through how the age rules work, what your options are before 62, and what to think about before you decide.

The Reverse Mortgage Age Requirement: Why 62 Is the Number You Hear Most

The most common reverse mortgage is the Home Equity Conversion Mortgage (HECM). What Is a Reverse Mortgage? A Guide for Homeowners 62+

A HECM is insured by the Federal Housing Administration (FHA) and follows rules set by the U.S. Department of Housing and Urban Development (HUD).

For a HECM, the youngest borrower must be at least 62. There is no way around that rule for a HECM.

HECMs also come with other rules, such as:

• The home must be your main residence
• You must complete counseling with a HUD-approved counselor
• You must keep paying property taxes, homeowners insurance, and any HOA fees
• You must keep the home in good repair

Because HECMs are the most common type of reverse mortgage, most people only hear about the 62 rule.

What Is a Proprietary Reverse Mortgage?

A proprietary reverse mortgage is a reverse mortgage made by a private lender. It is not insured by the FHA.

Because it’s not a government-insured loan, the lender sets many of its own rules. That can include the age requirement.

Some proprietary reverse mortgages allow borrowers who are 55 or older in certain states. These loans are sometimes called “jumbo” reverse mortgages because many were first made for higher-value homes. Jumbo Reverse Mortgages: A Simple Guide for High-Value Homes

Here’s how they work in general:

• You turn part of your home equity into cash
• You don’t make required monthly mortgage payments on the loan
• You still own your home and keep your name on the title
• You still pay property taxes, homeowners insurance, and keep up the home
• The loan is usually repaid when you sell, move out for good, or pass away

That part may sound a lot like a HECM. The difference is in the details.

Can You Get a Reverse Mortgage at 55?

Possibly, depending on where you live and the lender’s rules.

Proprietary reverse mortgages for younger borrowers are not available in every state. State law plays a big part.

For example:

• Some states allow borrowers as young as 55 for certain proprietary loans.
• Some states set the minimum age at 60.
• Some states require borrowers to be 62, no matter the loan type. Texas is one example. The Texas Constitution requires reverse mortgage borrowers to be at least 62. Reverse Mortgages in Texas: A Simple Guide for Retired Homeowners

Lender rules and state laws can change. The best way to know what’s possible for you is to talk with a licensed reverse mortgage professional who can check the current rules for your state.

Can You Get a Reverse Mortgage at 60?

The answer is the same: not with a HECM, but maybe with a proprietary loan.

At 60, you’re still too young for a HECM. But in many states where proprietary reverse mortgages are offered, 60 is old enough to qualify.

If you’re close to 62, it may also be worth comparing:

• What a proprietary loan could offer you now
• What a HECM could offer you once you turn 62

Sometimes waiting a year or two makes sense. Sometimes it doesn’t. It depends on your needs, your home, and the numbers. Should You Get a Reverse Mortgage Now or Wait Until You’re Older?

HECM vs. Proprietary Reverse Mortgage: Key Differences

Here’s a simple side-by-side look.

Neither one is “better” for everyone. They are built for different situations.

What Does Your Age Mean for How Much You Can Get?

This is important.

In general, the younger you are, the less money you can access with a reverse mortgage.

That’s because the loan is expected to last longer. More time means more interest may build up. So lenders usually let younger borrowers access a smaller share of their home’s value.

The amount you may be able to get also depends on:

• Your home’s value
• Current interest rates
• How much you still owe on your home
• The lender’s rules for the loan

So a 56-year-old and a 72-year-old with the same home value may see very different numbers. Two Retirees, Same Age, Same Home Value — Why One Gets $80,000 More Than the Other

Your Spouse Is 62+ but You’re Not? You May Still Have Options

This is one of the most common questions we hear.

Let’s say your spouse is 66 and you’re 58. You’re too young to be a borrower on a HECM. But your spouse may still be able to get one.

In that case, you may be listed as an eligible non-borrowing spouse. What Is a Non-Borrowing Spouse, and What Protections Do They Actually Have?

Under HUD rules, an eligible non-borrowing spouse may be able to stay in the home after the borrowing spouse passes away, as long as certain conditions are met. Those conditions include living in the home as your main residence and keeping up with taxes, insurance, and home upkeep.

Here are a few things to know:

• The loan amount is based on the younger spouse’s age. So the amount available will usually be lower.
• A non-borrowing spouse can’t draw money from the loan after the borrowing spouse passes away.
• Rules apply, so it’s important to understand them fully during counseling.

A proprietary loan may be another path in this situation, if both spouses meet the lender’s age rules in your state.

Things to Think About Before Getting a Reverse Mortgage at 55

Getting a reverse mortgage in your 50s is a big step. Here are some questions worth asking yourself.

How long will you stay in your home?

A reverse mortgage works best for people who plan to stay put for many years. If you think you’ll move soon, the upfront costs may not be worth it.

Will your equity last?

When you start in your 50s, the loan may be in place for 30 years or more. Interest adds to your loan balance over time. That means less equity may be left for you or your heirs later.

Can you keep up with the home costs?

You still have to pay property taxes, homeowners insurance, HOA fees, and upkeep for as long as you have the loan. Falling behind on these can cause the loan to become due.

How does this fit with your other income?

A reverse mortgage works best as part of a bigger plan. Think about how it fits with work income, savings, retirement accounts, and future Social Security. How to Combine a Reverse Mortgage with Other Retirement Income Streams

Are the loan protections clear to you?

Many proprietary reverse mortgages are non-recourse, which means you or your heirs generally won’t owe more than the home is worth when it’s sold. But because these loans are not FHA-insured, make sure you read your loan documents and understand the protections your loan offers.

Could you talk it over with someone you trust?

Even if counseling isn’t required for the loan you’re looking at, it’s a smart idea. A HUD-approved housing counselor, financial advisor, or trusted family member can help you think it through. Reverse Mortgage Counseling

Other Options If You’re Under 62

A reverse mortgage isn’t the only way to use your home equity before 62. Depending on your needs, you may want to compare:

• Home equity line of credit (HELOC): Lets you borrow as needed, but you usually make monthly payments. Reverse Mortgage (HECM) vs. HELOC: What’s the Difference?
• Home equity loan: Gives you a lump sum with a fixed monthly payment.
• Cash-out refinance: Replaces your current mortgage with a bigger one. You still have a monthly payment.
• Home equity investment (HEI): A company gives you cash in exchange for a share of your home’s future value. Reverse Mortgage vs Home Equity Investment (HEI)
• Downsizing: Selling and moving to a smaller or less costly home.
• Waiting until 62: Then comparing a HECM and a proprietary loan side by side.

Each option has trade-offs. The right choice depends on your income, your plans, and how long you want to stay in your home.

Who May Be a Good Fit for a Reverse Mortgage Before 62?

A proprietary reverse mortgage in your 50s may be worth a look if you:

• Have a lot of equity in your home
• Plan to live in your home for a long time
• Want to lower or remove a monthly mortgage payment
• Can keep up with taxes, insurance, and upkeep
• Live in a state that allows younger borrowers
• Understand that your loan balance will grow over time

It may not be a good fit if you plan to move soon, have little equity, or would have trouble paying ongoing home costs.

The Bottom Line: Your Next Step

You don’t always have to wait until 62 to get a reverse mortgage.

A HECM requires the youngest borrower to be at least 62. But some private lenders offer proprietary reverse mortgages that may be available to homeowners as young as 55 in certain states.

These loans can offer flexibility. They also come with trade-offs. Younger borrowers usually get less money, and the loan may be in place for a long time. That’s why it’s so important to understand your options and look at the real numbers.

If you’re curious about what your home could do for you, start simple.

Try our Free Reverse Mortgage Calculator – No Personal Info Required to get a quick idea of your options.

Or Get Your Free Reverse Mortgage Quote to see what may be available based on your age, home value, and state.

Prefer to talk it through? Call us at 855-212-9114. No pressure and no obligation, just answers.

Frequently Asked Questions

Can you get a reverse mortgage at 55?

Possibly. A HECM requires the youngest borrower to be at least 62. But some private lenders offer proprietary reverse mortgages to homeowners as young as 55 in certain states. Availability depends on your state and the lender’s rules.

What is the minimum age for a reverse mortgage?

For a HECM, the FHA-insured reverse mortgage, the minimum age is 62. For proprietary reverse mortgages, the minimum age is set by the lender and state law. It can be as young as 55 in some states.

Can you get a reverse mortgage at 60?

Not with a HECM. But in many states where proprietary reverse mortgages are offered, homeowners who are 60 may qualify.

Is a proprietary reverse mortgage insured by the government?

No. Proprietary reverse mortgages are made by private lenders and are not insured by the FHA. That’s why they don’t follow all of the same rules as a HECM.

Can I get a reverse mortgage if my spouse is under 62?

Yes, in many cases. If one spouse is 62 or older, that spouse may be able to get a HECM, and the younger spouse may be listed as an eligible non-borrowing spouse. The loan amount is based on the younger spouse’s age, so it will usually be lower.

Do I get less money from a reverse mortgage if I’m younger?

Usually, yes. Younger borrowers can generally access a smaller share of their home’s value because the loan is expected to last longer.

Do I have to make monthly payments on a proprietary reverse mortgage?

You don’t have to make required monthly mortgage payments. But you do have to keep paying property taxes, homeowners insurance, HOA fees if you have them, and keep up the home. You can choose to make payments if you want to.

Is reverse mortgage money taxable?

Reverse mortgage funds are loan proceeds, and loan proceeds are generally not treated as taxable income by the IRS. Talk with a tax professional about your own situation.

Do I need counseling for a proprietary reverse mortgage?

Counseling is required for every HECM. For proprietary reverse mortgages, the rules depend on the lender and your state. Even when it’s not required, talking with a HUD-approved counselor is a smart step.

Can I get a reverse mortgage before 62 in Texas?

No. The Texas Constitution requires reverse mortgage borrowers to be at least 62, so younger-borrower proprietary loans are not available there.