If you are even courting the idea of possibly looking into reverse mortgages as a way out of your current cash strapped situation, pay close attention to the most important requirements necessary to qualify for these loans. These are the requirements for a reverse loan in North America by the way. First, in order to be eligible, you need to be at least 62 years of age or older. Second, and pretty obviously, you need to be a home owner, and that home must be your principle place of residence. Oh, and you have to stay living in that home, too, in order to qualify.