If you have bad credit, a lot of home equity, and you’re 62 or older, a reverse mortgage could get you out of a financial jam. Bad credit is less of an issue for reverse mortgage lenders because borrowers don’t have to make payments. Borrowers with bad credit pay the same or nearly the same interest rate as borrowers with good credit. Another alternative, if you don’t have enough home equity for a loan, is a personal loan. It’s not easy to get a personal loan with bad credit, but you may be able to if you have collateral like a car or if you get a co-signer or co-borrower. And if you don’t need to borrow a lot of money, a home equity line of credit (HELOC) might be a better solution. They usually have lower closing costs, and you only pay interest on the credit that you use.