A reverse mortgage starts with a homeowner who owes little or nothing to a typical mortgage lender. Thus, they own all or nearly all of the available home equity. It is this equity that forms the backbone of a reverse mortgage. Aside from equity ownership, reverse mortgages are geared towards senior citizens, with a minimum age requirement of 62. A loan officer should be consulted for details of how much outstanding mortgage a borrower may have while still being eligible for a RM.