Oregon Broker PSI Practice Exam

Disable ads (and more) with a membership for a one time $4.99 payment

Study for the Oregon Broker PSI Exam. Quiz with flashcards and multiple choice questions with hints and explanations. Prepare for your exam efficiently!

Practice this question and more.

What is the minimum age a person must be to qualify for a reverse mortgage?

The correct answer is: 62

To qualify for a reverse mortgage, a borrower must be at least 62 years old. This requirement is set to ensure that the borrower has reached a certain age where they are likely to make long-term financial decisions regarding their home and retirement. Reverse mortgages are designed to provide seniors with access to their home equity while allowing them to remain in their homes, which is why the age limit is specifically tied to individuals who are typically approaching or in retirement. The requirement of being at least 62 years old is critical, as it aligns with the goals of reverse mortgages to assist older homeowners in managing their finances in retirement. Individuals younger than this age may not have the same financial needs or stability to benefit from such a loan product, as their circumstances are generally different regarding income, health, and housing situations.