Should You Get a Reverse Mortgage Now or Wait Until You’re Older?

A lot of homeowners ask some version of this question:

Should I get a reverse mortgage as soon as I’m eligible at 62, or should I wait until I’m older?

It’s a smart question.

At first, waiting can sound better. Older borrowers usually qualify for a higher percentage of home equity. That’s because the loan is expected to last for a shorter time.

But that’s only half the story.

If you open a reverse mortgage line of credit earlier, the unused credit line can grow over time. So the real question isn’t just “Who gets more on day one?”

The better question is:

“Which option gives me more flexibility over time?”

Let’s walk through the math in plain English.

Why Age Matters in a Reverse Mortgage

With a HECM reverse mortgage, your age helps determine your principal limit factor, or PLF.

That’s the percentage of your home value you may be able to access.

In general:

• Younger borrowers qualify for less upfront
• Older borrowers qualify for more upfront
• Higher interest rates usually reduce proceeds
• Lower interest rates usually increase proceeds

For example, South River Mortgage’s own interest rate guide shows that, at a sample 6% rate, a 62-year-old borrower has a lower PLF than a 75-year-old borrower. That means the 75-year-old may qualify for more at closing if everything else is the same.

So yes, waiting can increase your starting number.

But that doesn’t always mean waiting is better.

The Big Thing People Miss: Line of Credit Growth

A reverse mortgage line of credit has a unique feature.

The unused portion can grow over time.

This doesn’t mean the lender is paying you interest like a savings account. It means your available borrowing power can increase according to the loan formula.

HUD counseling materials explain that the note rate is used to calculate the loan balance, credit line growth, and available loan funds.

That means someone who opens a line of credit earlier may start with a smaller amount, but they may have more time for unused funds to grow.

That’s the trade-off.

The 62 vs. 75 Trade-Off

Here’s the simple version.

At 62, you may get:

• A smaller starting line of credit
• More years for unused credit line growth
• Earlier access to funds if something happens
• More flexibility during your 60s and early 70s

At 75, you may get:

• A larger starting line of credit
• Less time for line of credit growth
• More proceeds based on age
• Less flexibility during the years you waited

Neither option is always better.

It depends on what you need the reverse mortgage to do.

A Simple Example

Let’s use a rough example.

Assume a homeowner has a $500,000 home and no current mortgage.

At age 62, the homeowner might qualify for a smaller principal limit. At a sample 6% rate, one public SRM example lists the PLF for age 62 at 35.7%. That would create a gross principal limit of about $178,500 before costs and any set-asides.

At age 75, that same sample table lists the PLF at 44.3%. That would create a gross principal limit of about $221,500 before costs and any set-asides.

So if you only compare day-one proceeds, age 75 looks better.

But now let’s add time.

If the 62-year-old opens an adjustable-rate HECM line of credit and leaves much of it unused, that available line can grow for 13 years. Depending on rates and loan terms, the available credit at 75 may be much larger than the original starting number.

That’s why the “wait until I’m older” math isn’t always obvious.

The Hidden Cost of Waiting

Waiting can help if your main goal is to qualify for more later.

But waiting also has risks.

During those 13 years, you may face:

• Health costs
• Home repairs
• Market downturns
• Loss of a spouse
• Rising insurance or property taxes
• Unexpected family needs

If you don’t have access to home equity during that time, you may be forced to pull money from savings, investments, or retirement accounts at the worst possible moment.

That’s the part many people miss.

Waiting may give you a higher PLF later.

But it gives you no reverse mortgage safety net today.

When Getting One at 62 May Make Sense

Getting a reverse mortgage at 62 may make sense if you want to create a safety net early.

This is especially true if you choose the line of credit option and don’t plan to draw all the money right away.

It may be useful if:

• You want backup funds for future care
• You want protection against large home repairs
• You want to avoid selling investments during a downturn
• You want extra flexibility before retirement gets tighter
• You plan to stay in the home long term

In this case, the goal isn’t to spend the money immediately.

The goal is to have access to it when needed.

When Waiting Until 75 May Make Sense

Waiting may make sense if you don’t need the funds now and prefer a larger starting amount later.

This may fit if:

• You have strong savings
• Your home is paid off
• You have no major repair concerns
• You have strong retirement income
• You’re confident you won’t need the funds before then

For some homeowners, waiting is perfectly reasonable.

The key is being honest about risk.

What If Interest Rates Change?

This is another reason the math can get tricky.

Age is not the only factor.

Interest rates matter too.

You could wait until 75 and qualify for a higher age-based PLF, but if rates are much higher then, your proceeds could be lower than expected.

The opposite can also happen. If rates fall, waiting may look better.

No one knows future rates with certainty.

That’s why this should not be framed as a simple age question.

It’s an age, rate, home value, and timing question.

Don’t Forget Home Value

Home value matters too.

If your home rises in value over time, waiting may help because the loan is based partly on home value.

But there are limits.

HECM proceeds are based on the lesser of your appraised home value or the FHA HECM limit. HUD set the 2025 HECM limit at $1,209,750 for case numbers assigned on or after January 1, 2025.

So if your home is already above the HECM limit, future home value growth may not help as much under a standard HECM.

The Bottom Line

Getting a reverse mortgage at 62 usually means a smaller starting amount.

Waiting until 75 usually means a larger starting amount.

But that’s not the whole story.

If you open a line of credit earlier, unused funds may grow over time. That growth can make the early strategy more powerful than it looks at first.

The best choice depends on:

• Your age
• Your home value
• Interest rates
• Your health
• Your savings
• Your need for flexibility
• How long you plan to stay in the home

The real question isn’t just “Should I wait?”

It’s:

“Would I rather have more starting proceeds later, or more flexibility sooner?”

See What You May Qualify For

The math is different for every homeowner.

Your age, home value, current mortgage balance, and interest rate all matter.

The easiest way to compare your options is to look at your real numbers.

You can get a personalized reverse mortgage estimate in seconds using our free calculator.

There’s no pressure and no obligation.

Get your instant reverse mortgage quote today and see what may be possible.

FAQ – Reverse Mortgage at 62 vs. Waiting Until 75

Do you get more money if you wait to get a reverse mortgage?

Usually, yes. Older borrowers often qualify for a higher percentage of home equity, assuming interest rates and home value are the same.

Why would anyone get a reverse mortgage at 62?

Because opening a line of credit earlier may provide more years for unused credit line growth and more flexibility during retirement.

Does the reverse mortgage line of credit really grow?

Yes. The unused portion of a HECM line of credit can grow over time based on the loan’s rate formula.

Is waiting always better?

No. Waiting may increase your starting proceeds, but it also means you have no reverse mortgage safety net during the years you wait.

What if interest rates rise while I wait?

Higher rates can reduce how much you qualify for, even if you’re older.

What if my home value rises while I wait?

That may help, but only up to the FHA HECM limit for standard HECM loans.

What’s the best age to get a reverse mortgage?

There’s no perfect age for everyone. The best time depends on your goals, home equity, income, health, and need for flexibility.