What is a homeowner who is at least 62 years old? The term 'elderly homeowner' and related programs explained
According to the U.S. Census Bureau, the population of adults aged 65 and older is projected to reach 82 million by 2050, highlighting a growing number of homeowners who may seek to leverage their home equity for retirement. A homeowner who is at least 62 years old is often referred to as an "elderly homeowner" in the context of federal programs, and this age unlocks specific financial products and tax relief opportunities. The most prominent option is a reverse mortgage, which allows seniors to convert a portion of their home's equity into cash without selling the property or taking on new monthly mortgage payments.