If you pick a payment plan that doesn't supply a life time income, such as a lump amount or term plan, or if you get a line of credit and use everything up, you might not have any cash left when you need it. If you own a home, apartment or townhouse, or a manufactured house developed on or after June 15, 1976, you might be eligible for a reverse home mortgage.In New york city, where co-ops are typical, state law even more restricts reverse mortgages in co-ops, allowing them just in one- to four-family houses and apartments. While reverse home loans don't have income or credit rating requirements, they still have rules about who certifies. You must be at least 62, and you should either own your house complimentary and clear or have a substantial amount of equity (a minimum of 50%).