1,401,176 HECM reverse mortgages insured by FHA since 1989.
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Reverse mortgage question
You can start planning and even do your counseling today, and on a HECM you can apply a couple of months before your 62nd birthday. You just can't close until you turn 62. Counseling is good for 180 days unless an FHA case number is assigned first, so time it carefully. If you can't wait, some proprietary (jumbo) programs accept younger borrowers in some states, including Finance of America's HomeSafe Standard at 60 in Washington. Let's look at which path fits.
Good question, and a smart one to ask early. You can absolutely get started, but on a HECM there's a timing rule you'll want to plan around.
Every HECM borrower must be at least 62 when the loan closes. The good news is you don't have to wait for your birthday to get started. You can apply a couple of months before you turn 62. You just can't close until the big day.
So with four months to go, you're a bit early for the application itself. But there's plenty you can do right now.
You can do your HUD-approved counseling any time. But the certificate is only good for 180 days, unless an FHA case number has been assigned to your loan by then. Once there's a case number, the certificate stays good for that loan, even if closing takes longer.
So if you counsel today, four months before your birthday, you'd have about two months of cushion after the application window opens to get a case number assigned. That can work, but it's tight. If you're not in a hurry, I'd counsel closer to the time you plan to apply.
If your home is in California, there's one more wrinkle: a lender can't take a complete application until 7 days after counseling. See Why do I need to wait 7 days after counseling?
For more, see When does a counseling certificate expire? and Reverse Mortgage Counseling.
Some proprietary (jumbo) reverse mortgages accept borrowers younger than 62 in some states. For example, Finance of America's HomeSafe Standard accepts borrowers 60 and older in Washington. In Texas, HomeSafe Standard requires 62, and the Texas Constitution requires the borrower or the borrower's spouse to be at least 62.
These programs have their own costs, rules, and protections, and they often work best on higher-value homes. If one of them fits, you might be able to start today. See Proprietary (Jumbo) Reverse Mortgages.
Often, yes. On a HECM, the amount you can access goes up with age. A few months won't move the number much, but if you don't need the money right away, there's no rush. And if rates drop in the meantime, that helps too. See today's reverse mortgage rates.
Whenever you do close, the obligations are the same. There are no required monthly mortgage payments. You must continue to pay property taxes and homeowners insurance, maintain the home, and meet the other loan terms.
Let's map out your timeline together: when to counsel, when to apply, and whether a HECM or a proprietary program fits you best. Call us at 530-888-6000, or start your reverse mortgage review.
ZYNG Mortgage, Inc., NMLS #76801. A reverse mortgage has no required monthly mortgage payments and uses your home's equity. Fees, mortgage insurance and other costs can be added to the loan balance, and the balance grows over time as interest is added, so your equity typically decreases. When the loan becomes due, the home may need to be sold, or the loan repaid from other funds. Interest is not tax-deductible until it is paid, in part or in full. You keep title to your home and must keep paying property taxes, homeowners insurance and upkeep, and meet the other loan terms; not doing so can make the loan due and could lead to foreclosure.
This material is not from HUD or FHA and was not approved by HUD or a government agency.
HECM count at the top of this page: HUD data through September 2026 (source, opens in a new tab).
