Reverse mortgages allow elders to access the home equity they have built up in their homes without present payments.
This loan option is specifically for aspiring homeowners at least 62 years old. Other qualifications include being free and clear of existing liens. There are no credit score requirements for a reverse mortgage. In the event of the death of the homeowner or if the residence is uninhabited for more than 12 months, the homeowner’s estate can choose to put the home up for sale or repay the reverse mortgage.