The short answer: It's best to talk to a reverse mortgage expert to determine whether your father qualifies.
Why? Because the amount you qualify for depends on a combination of things, including the equity you have in your home, your exact age, and your location. As a general statement, homeowners should have moderate to significant equity in their homes in order to eliminate their mortgage payment. I can say that Reverse Mortgages--particularly government-insured reverse mortgages commonly known as a home equity conversion mortgage (HECM) that are used as a financial tool designed to give homeowners over 62 access to their home's equity-- can be so helpful in today's market.
Income and credit are not factors when you qualify; only your age, property and amount of equity determine how much cash you can get.
With any reverse mortgage, you will never make a mortgage payment as long as you live in your home.
The advantage of talking with a Reverse Mortgage Expert? The best ones willl walk you through your reverse mortgage options, requirements and help customize your loan for you.
Hope this helps! I'm including a couple links below that may help.