Multistable stimuli lead to the perception of two or more alternative perceptual experiences that spontaneously reverse from one to the other. This property allows researchers to study perceptual processes that endogenously generate and integrate perceptual information. These endogenous processes appear to be slowed down around the age of 55 where participants report significantly lower perceptual reversals. This study aimed to identify neural correlates of this aging effect during multistable perception utilizing a multistable version of the stroboscopic alternative motion paradigm (SAM: endogenous task) and a control condition (exogenous task). Specifically, age-related differences in perceptual destabilization and maintenance processes were examined through alpha responses. Electroencephalography (EEG) of 12 older and 12 young adults were recorded during SAM and control tasks. Alpha band activity (8–14 Hz) was obtained by wavelet-transformation of the EEG signal and analyzed for each experimental condition. Endogenous reversals induced gradual decrease in posterior alpha activity in young adults which is a replication of previous studies’ findings. Alpha desynchronization was shifted to anterior areas and prevalent across the cortex except the occipital area for older adults. Alpha responses did not differ between the groups in the control condition. These findings point to recruitment of compensatory alpha networks for maintenance of endogenously generated percepts. Increased number of networks responsible for maintenance might have extended the neural satiation duration and led to decreased reversal rates in older adults.