Reverse Mortgage Age Table, AKA Reverse Mortgage Age Chart
This reverse mortgage age chart was updated in March of 2020. As of November 2021 it’s still valid, but if rates go up more, the percentages may decrease slightly. Further, these amounts change weekly based on the performance of the 10 year CMT rate (It used to be based on the 10 year LIBOR SWAP rate, but that was discontinued). Follow the link below for a more up to date chart. Again, it changes weekly, so you’ll need to check with a reverse mortgage professional for current numbers.
When you do a reverse mortgage, the amount that a lender advances to you is based on the appraised value of your home and your age. All too often, a prospective reverse mortgage borrower’s first question is, “how much can I get?”. The Reverse Mortgage Age Chart helps answer that question.
First, Let’s Review the Reverse Mortgage Basics:
A reverse mortgage loan is a type of loan that is insured by FHA and it allows older homeowners to access a portion of the equity in their home. One of the benefits of reverse mortgages is that there is no monthly payment due to the bank for as long as you live. However, if you move out permanently, the loan will be called due (but you do have some time). That being said, since you still own the home you are obligated to pay and maintain your property taxes on time. Also, just like with any home loan, you are required to have homeowner insurance for the duration of the loan.
Making Sense of the Reverse Mortgage Age Chart and Reverse Mortgage Age Table:
The two most rudimentary qualifications for a reverse loan are an age requirement and an equity requirement. For a non-married man or woman, the minimum age is 62. With every passing year, you get just a little bit more money. The highest loan amount possible relative to the value of your home is for a 90 year old. In other words, a 92 year old or 96 year old doesn’t get any more money than a 90 year old. However, a 63 year old gets more than a 62 year old. A 64 year old gets slightly more than a 63 year old………..and on and on.
For a married couple, the percentage you get is based on the date of birth of the youngest borrower.
The reverse mortgage age chart illustrates what percentage of the appraised value a lender lends you based on your age. The reverse mortgage age table covers every year from age 62 to 90. If you happen to be married to someone that is younger than 62, you can still participate in program (potentially). However, the loan amount would then be based on the age of the underage spouse and could therefore be less than what you see on this reverse mortgage age chart.
Reverse Mortgage Age Chart Example:
As you see to the right, if you are age 62, then you can borrow 52.4% of the value of your home. Hence, if your home is worth exactly $100,000.00, then you’d be able to borrow $52,400.00. And remember, this is with no monthly payment to the bank for the rest of your life (for as long as it’s your primary residence).
If you are married to someone younger than 62 contact Reverse Mortgage Loan Advisors at:
For more in depth info on all Reverse Mortgage subjects, check out:
Reverse Mortgage Loan Advisors Is not a lender, bank, or mortgage broker, nor is it affiliated with HUD or FHA. Reverse Mortgage Loan Advisors is simply a website designed to offer information about the FHA insured reverse mortgage program. However, the owner of the site is licensed as a reverse mortgage specialist in several states. Anyone that inquires and requests more information may be contacted by the owner of this site. If the owner of this site is not licensed to conduct business in the state you reside, one of our affiliates will contact you instead