If you pick a payment plan that doesn't supply a life time earnings, such as a lump amount or term strategy, or if you secure a credit line and utilize everything up, you might not have any cash left when you need it. If you own a house, condominium or townhouse, or a produced 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 prohibits reverse home loans in co-ops, enabling them just in one- to four-family residences and condominiums. While reverse home mortgages do not have earnings or credit history requirements, they still have guidelines about who certifies. You must be at least 62, and you must either own your house complimentary and clear or have a substantial quantity of equity (at least 50%).