No. You do not need to pay off your home to qualify. However, the loan proceeds you receive from a reverse mortgage must be used to pay off the existing mortgage or liens (if there is a mortgage balance owing)
You will continue to hold title to your home subject to the mortgage lien securing the reverse mortgage loan. This means you must continue to maintain your property, pay your property taxes, homeowner’s insurance, and homeowner’s association dues and comply with the terms of the loan. Failure to meet these requirements can trigger a loan default leading to foreclosure.