Can I get a reverse mortgage for seniors if my credit score is low?Answer:
To be eligible for a reverse mortgage for seniors, there are requirements different from a credit score that will be taken into account.
Rather than a credit score, your reverse mortgage options will depend on your age, on the value of your home, on your own plans for the future, on your health situation. Few lenders, if any, will ever ask you for your credit score.
Sometimes, even a bad financial situation will make you an eligible candidate for a reverse mortgage for seniors. As if your income exceeds certain income limits, you may not be eligible for a particular reverse mortgage product.
To maximize your reverse mortgage benefit, you may decide to even invest smart your monthly reverse mortgage installments. As with a reverse mortgage, you probably won't be leaving a house to your children, investing a reverse mortgage generated income approves you chance of repaying your reverse mortgage and saving the house, or at least some equity on it, or some cash to pass down to your heirs. Credit score really does not matter as much for qualifying for a reverse mortgage for seniors.
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