To qualify for a reverse mortgage, you will have to have a significant amount of equity built-up in the home. There is no specific amount of equity needed and you can get a reverse mortgage even if you have an existing mortgage. The proceeds from the reverse will pay it off and the balance is incorporate into the amount borrowed. As a rule of thumb, you should have 50% equity or more in your home for a reverse mortgage. This is because you must use the reverse mortgage proceeds to pay off your existing home loan first. If you own less than 50%, the proceeds of your reverse mortgage won’t cover that gap.