The Home Equity Conversion Mortgage (also known as the reverse mortgage) was created in 1989 to help older homeowners meet the financial demands of retirement and aging in their home. It's a mortgage loan based on your home's value, the youngest borrowers age and the current interest rate. What makes the HECM so unique is that it requires no monthly mortgage payments giving you access to funds without the financial burden during your retirement years. You retain title (ownership) to your home as long as you meet the basic requirements of the loan. The loan is ultimately repaid when you or the last surviving borrower (or non-borrowing spouse) pass away through the sale of the property or refinance by your heirs. 

Homeowners with at least one borrower 62 years of age on title to the home and with sufficient equity may be eligible. The home must be the primary residence. A borrower's financial capacity and credit history are reviewed to insure the long-term success of your loan and ability to pay ongoing property taxes and homeowner's insurance. 

Your credit sore is not the determining factor if you are eligible for a Home Equity Conversion Mortgage. An applicant's overall credit history , income and existing financial obligations are considered to determine if the borrower has the financial capacity to meet the ongoing obligations of the loan. In some instances, a set-side of available funds may be required to meet future property obligations such as property taxes and insurance.