Need Good Credit For a Reverse Mortgage?
July 21, 2003, Revised December 2, 2006, December 2, 2008
“I have an expensive house, not enough income, and no credit because I just went through bankruptcy. Can I get a reverse mortgage on my home?”
Yes, there are no credit or income requirements, since borrowers don’t assume any payment obligation. To be eligible for the major programs, owners must be 62 or older, and must occupy the home as their permanent residence. Eligible properties generally include one- family units, condominiums, manufactured housing, and houses in planned unit developments. 2-4-family units may or may not qualify. Mobile homes and co-ops are not eligible.
“I have an expensive house, not enough income, and no credit because I just went through bankruptcy. Can I get a reverse mortgage on my home?”
Yes, there are no credit or income requirements, since borrowers don’t assume any payment obligation. To be eligible for the major programs, owners must be 62 or older, and must occupy the home as their permanent residence. Eligible properties generally include one- family units, condominiums, manufactured housing, and houses in planned unit developments. 2-4-family units may or may not qualify. Mobile homes and co-ops are not eligible.