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

What if we're both 62 or older?

Put both spouses on the loan. Either one can stay in the home for life under the loan's terms, and the loan doesn't come due until the last borrower leaves.

What if my spouse is under 62?

Your spouse can be named at closing as an eligible non-borrowing spouse. After you pass away, they may be able to stay in the home as long as they:

• Were named at closing and still live in the home as their primary residence
• Keep paying property taxes, homeowners insurance, and HOA dues, and maintain the home
• Establish their legal right to stay in the home (for example, through the will or trust) within the required time

What they can't do is keep drawing new money from the loan after you're gone. The line of credit or monthly payments stop.

Why are the loan amounts lower?

HECM amounts are based on the age of the youngest spouse, even if they aren't a borrower. A younger age means a longer expected loan, so less is available up front. It's the price of protecting your spouse, and in my view it's worth it.

What about jumbo (proprietary) reverse mortgages?

Some proprietary programs start at age 55 in certain states, so a younger couple may both qualify as borrowers. These aren't FHA-insured HECMs, and spouse protections vary by program, so we go through them line by line.

Example scenario (illustrative)

A 68-year-old husband in Irvine and his 58-year-old wife want to retire the mortgage on their home. He takes a HECM with her named as an eligible non-borrowing spouse. The amount is lower than if she were 62, but it still pays off their mortgage. If he passes first, she can stay in the home as long as she keeps up with taxes, insurance, and upkeep.

Our take

The biggest mistake I see is a younger spouse being left off the paperwork to get a bigger loan. Don't do it. Name your spouse at closing, and let me show you both options side by side, a HECM now and waiting until you're both eligible, so you can decide with real numbers.