What is the typical eligibility criterion for a reverse mortgage?

• A. Under 60
• B. Age 63 or older
• C. Age 62 or older
• D. Any age with equity

Answer: (C)

The key factor being tested is the age requirement for eligibility. Reverse mortgages are designed for seniors, and the standard minimum age to qualify is 62. This 62-year floor matters because the loan amount you can borrow is tied to your age (older borrowers can often access a larger portion of the home’s value), along with the home’s value and other program rules. So, the typical eligibility criterion is being at least 62 years old, with the home as your primary residence and meeting other standard requirements like counseling and property eligibility.

Being under 60 is not eligible because the minimum age is 62. Saying someone must be 63 or older excludes those who are exactly 62, who are still eligible. Claiming any age with equity ignores the essential age requirement that must be satisfied first.