A reverse mortgage is a great option for senior homeowners, that uses the home’s equity as collateral. In general, the loan doesn’t have to be repaid until the surviving homeowner permanently moves out or passes away. To be eligible for a reverse mortgage, the FHA requires all homeowners must be at least 62 years of age. If there is an existing mortgage balance, it can be paid off completely with the proceeds of the reverse mortgage loan at closing. For the most part, there are no credit score requirements for a reverse mortgage.