2. Determinants of Eligibility
Reverse mortgages are a special financial product designed for individuals over the age of 62. It is a known fact that such individuals have few or no sources of income and typically live off of their social security. Thus, neither their income levels nor their credit rating is considered an important criterion in determining their eligibility for a reverse mortgage. In fact, since there is no monthly mortgage the loan-seekers have to pay, their earning/returning capacity has no relevance to lenders.