If you’re under 62, stop right there. The government says you must be at least 62 to get a reverse mortgage. No exceptions. It’s like a nightclub for retirees—no ID, no entry.
But cheer up! You can still build equity while you wait. Pay down your mortgage, don’t take out new loans on the house, and watch your home value grow. By the time you hit 62, you’ll have a nice fat equity cushion.
And if you’re already 62+ but have less than 50% equity? Talk to a counselor (yes, HUD requires it). They might suggest a “HECM for purchase” or just tell you to pay down your mortgage first. Either way, don’t panic.
