How hard is it to qualify for a reverse mortgage?

Qualifying for a reverse mortgage loan may be slightly trickier than you anticipated. Getty Images/iStockphoto

For many retirees, their home represents their largest financial asset, often containing hundreds of thousands of dollars in home equity built up over decades of ownership. And, with questions surrounding the long-term viability of the Social Security program , and with stock market volatility becoming the norm rather than the exception, many seniors are looking for ways to tap into that home equity, preferably without selling their homes. As a result, reverse mortgages have become a popular solution to consider, as these loans allow homeowners to convert home equity into cash without the burden of monthly payments while they continue to live in their property.