Not everyone can just apply for a Reverse Mortgage. There are certain criteria that a homeowner must fit if they wish to use this modern financial planning tool to release money from their home.
Firstly, you must be over the age of 62. There are no exceptions to this rule. This is the youngest that a homeowner may be if applying for a Reverse Mortgage, and if there are a couple involved in the plan, both must be at least 62.
The property in question must be your primary residence. You cannot take out a reverse mortgage on a holiday home or rental property, it must be the home that you primarily live in, for at least six months and one day of the year.
You must also own the property. However, it is ok if you still have an existing mortgage as you may use your Reverse Mortgage to pay it off.
Your home must have a sufficient amount of equity.