jsidney313: You will have to wait at least three years, UNLESS you can find a sympathetic local bank that holds their own mortgages, which is not very likely. It sounds like you're on the right track. Since you are on a land contract, make SURE that you not only make the payment on time, but that the contract holder actually deposits the payment in the month it is due. Never pay in cash, and keep copies of all canceled checks. You'll need to prove your mortgage payment history when you are eligible to refinance out of that land contract.

Today most lenders will require that 3 years pass with re-established credit before extending new mortgage credit. However, a reverse mortgage does not have that waiting period because there is no monthly mortgage payment for which to qualify. No credit scoring, no income qualifying and no medical. Unfortunately, the minimum eligibility age is 62 with the LTV (equity/DP) position ranging from 50% - 80% based upon age. The older you are, the bigger the loan and the smaller the down payment. The Reverse mortgage can be used for either purchase or refinance.

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