If you don't have equity in your home then you are not eligible for reverse mortgage. For the benefit of others who have home equity and will apply for reverse mortgage, they can find reverse mortgage requirements here: revmortgage/guides/reverse-mortgage-requirements/ and aarp/money/credit-loans-debt/reverse_mortgages/.
What freqflyer wrote is correct. A reverse mortgage is an equity loan. If there is no equity in your house, you won't be able to take out an equity loan.
jorddyh, you need to have a lot of equity in your home in order to qualify for a Reverse Mortgage.
You wrote that your equity line of credit is maxed out, are you saying you have used up most or all of your equity? If that is the case, you would not qualify for a Reverse Mortgage, which is also a loan that would be need to be repaid in the future.
No because a home equity will loan you 100% of the home value. A Reverse Mortgage will only loan about 50% of the equity. So if your LOC is maxxed out and you cannot pay it, you will have to sell or be foreclosed. See a bankruptcy attorney as soon as possible.
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You wrote that your equity line of credit is maxed out, are you saying you have used up most or all of your equity? If that is the case, you would not qualify for a Reverse Mortgage, which is also a loan that would be need to be repaid in the future.
A Reverse Mortgage will only loan about 50% of the equity. So if your LOC is maxxed out and you cannot pay it, you will have to sell or be foreclosed. See a bankruptcy attorney as soon as possible.