If you pick a payment plan that does not offer a life time income, such as a lump amount or term strategy, or if you get a credit line and utilize everything up, you might not have any cash left when you require it. If you own a home, condo or townhouse, or a made home developed on or after June 15, 1976, you may be eligible for a reverse mortgage.In New york city, where co-ops are typical, state law further restricts reverse home loans in co-ops, enabling them just in one- to four-family houses and apartments. While reverse home loans do not have income or credit score requirements, they still have guidelines about who certifies. You should be at least 62, and you should either own your house complimentary and clear or have a considerable quantity of equity (a minimum of 50%).