Does my Credit Score Affect my Chances of Getting a Reverse Mortgage Loan?
At this time (December of 2018), there is no minimum credit score for the reverse mortgage loan. However, your income and payment history can affect whether or not you qualify for a reverse mortgage loan.
Why? Well, it is very important to the lender to ensure that the reverse mortgage loan is a sustainable solution for you. Therefore, they will check your payment history (especially for taxes and other property charges, like HOA dues) to ensure that you have the the propensity to pay these items on time. In addition, they will check your income and debts to make sure you have the ability to make all of your debt payments.
Many borrowers dislike having to provide their financial information to the lender, but keep in mind, this is being done to help you. If you cannot pay these items when you apply for your reverse mortgage loan, or are unwilling to do so, chances are good that you will run into problems with your reverse mortgage loan at a later date. No one wants to see this happen.
If you have questions about qualifying for a reverse mortgage loan, give us a call. We are happy to help! 855-469-7383, Ext. 802.