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Are there any credit requirements for reverse mortgages?

by BHiller from Westport, Connecticut. Feb 5th 2013 Reply


William J Acres (William_Acres)
#73 ranked lender in Arizona - 8,726 contributions

To be eligible for a FHA HECM, FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You can also use a reverse mortgage to purchase a home as well, but you will have to put at least 30% down... FHA loans do not require a credit check or income documentation, so just about any type of scenario will work.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com

Feb 5th 2013
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Steven Ceceri (CreativeFinancingOptionsGroup)
#36 ranked lender in Massachusetts - 723 contributions

Good Afternoon. The most important requirement for accessing a Credit Report is to make sure that you are not presently delinquent on any Federal Debt and that you have not Defaulted on any Federal Debt in the past!

Feb 5th 2013
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Rick Mcinturff (rmcinturff)
#50 ranked lender in Maryland - 25 contributions

If you mean a minimum credit score, no, not at this time. Reverse mortgages requirements are age based (have to be 62 or over) and from there its based on available equity and proof of home occupancy. HUD is working on a plan for a financial assessment to ensure borrower can afford taxes and insurance down the road. Let me know if you need other help with your questions.

Feb 5th 2013
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Carlo Sanchez (MortgageLendingPro)
#0 ranked lender in Utah - 1,163 contributions

No, but there are some changes to the program coming in April so if you are thinking of doing something then get in contact with a local lender.

Feb 5th 2013
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Justin Egan (JustinEgan)
#26 ranked lender in Connecticut - 4 contributions

No there are no credit score requirments. I would recomend calling Thomas Egan @ 203-675-9188, he specializes in reverse mortgages in Connecticut.

Feb 5th 2013
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Sharon Duffy (sduffy)
#71 ranked lender in Pennsylvania - 595 contributions

Guidelines will be changing soon for Reverse Mortgages. At this time there are no credit requirements and a fixed interest rate is still available. If you are considering a HECM I would contact a local broker and start the process now.Sharon7th Level Mortgage

Feb 5th 2013
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Matt Pollina (matt@smartmtgs.net)
#58 ranked lender in Illinois - 40 contributions

There are no credit score requirements. There is an age requirement of 62 years of age.

Feb 5th 2013
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Andrew Alfonso (CashCow)
#43 ranked lender in Florida - 271 contributions

To be eligible for a FHA HECM, FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You can also use a reverse mortgage to purchase a home as well, but you will have to put at least 30% down... FHA loans do not require a credit check or income documentation, so just about any type of scenario will work - Andrew Alfonso

Feb 5th 2013
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Kofi Akpabla (KofiAkpabla)
#21 ranked lender in Connecticut - 37 contributions

No, only an age and equity requirement. I am local to you in Stamford, Connecticut. Pease call or email me with any questions! kakpabla@warshawcapital.com

Feb 5th 2013
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Peter Botros (PeterBotros)
#70 ranked lender in New York - 895 contributions

No credit score requirements

Feb 5th 2013
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Jason Vondrak (jvondrak)
#218 ranked lender in California - 1,741 contributions

If you are planning on obtaining a reverse mortgage, you do not need to have a certain credit score, but you do need to be at least 62 years or older.

Feb 5th 2013
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