Instead of obtaining a loan and paying it back through payments that begin a month after you borrow the money, you do not pay it back until you stop living in your home. You can see the obvious advantage for a retired person who needs money and would find it difficult to make payments. Since you do not make payments, your ability to repay the loan is irrelevant. That is why credit and income are not considered in order to qualify. Another reason they are not considered is that the reverse mortgage is a nonrecourse mortgage. You are not personally responsible for repayment.
When it comes time to repay the loan, the lender can look only to the property. If you have borrowed more than the property is worth because you have lived longer than the average person, it is not a problem. Your estate does not have to make up the shortfall. The beneficiaries of your estate will not get less of your other assets because they have to repay your reverse mortgage. This is especially helpful for those who have substantial assets.