If you are a homeowner and are older than 62, chances are good that you are eligible for a reverse mortgage. You may not be eligible if you have less than 40% equity (approximately) or the youngest homeowner is not 62 or older.
Typically, your credit and income do not have an impact on eligibility, although beginning in 2015 there will be a financial assessment that you must pass prior to getting a reverse mortgage.
You may still qualify if you already have a mortgage, provided that you have enough equity in your home. In fact, many seniors use the proceeds of a reverse mortgage to pay off their existing mortgage and eliminate their monthly payments.
If you don’t have enough equity in your home, it’s possible to pay down your mortgage until you have enough to qualify.