To be eligible for a reverse mortgage a homeowner normally must be at least 62 years old (both owners must be 62 if the house is owned jointly). The house generally must be a single-family principal residence, owned free and clear or subject to a modest mortgage.
Age and marital status determine the size of a reverse mortgage. For example, based on a loan at recent interest rates, a 65-year-old could borrow up to 26 percent of a home