A couple aged 64 and 59 own their home outright and ask about a HECM. They intend to keep living there. If both spouses wish to be HECM borrowers rather than use an eligible non-borrowing-spouse arrangement, do they both satisfy the minimum age requirement?
Correct Answer
A) Not yet eligible: the youngest borrower must reach 62 for a HECM
A HECM requires every borrower to be at least 62, so a 59-year-old on title puts the loan out of reach until she qualifies or is treated as an eligible non-borrowing spouse. Other choices: the older borrower's age does not carry the younger one; there is an age floor; and owning free and clear is the strongest position for a HECM rather than a bar. Source: HECM program eligibility, 24 CFR 206.33
Why This Is the Correct Answer
A HECM requires every borrower to be at least 62, so a 59-year-old on title puts the loan out of reach until she qualifies or is treated as an eligible non-borrowing spouse. Other choices: the older borrower's age does not carry the younger one; there is an age floor; and owning free and clear is the strongest position for a HECM rather than a bar. Source: HECM program eligibility, 24 CFR 206.33
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