Posted on: 22nd Jan, 2014 10:00 pm
Hi everyone... Will anyone tell me what FICO score is required to get a reverse mortgage?
Hi Guest!
Welcome to the forums!
It should be noted here that reverse mortgages do not give much importance to FICO scores. Many lenders will not take into consideration your FICO scores.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
It should be noted here that reverse mortgages do not give much importance to FICO scores. Many lenders will not take into consideration your FICO scores.
Feel free to ask if you've further queries.
Sussane
Score is not a big factor with reverse mortgages - what is are Judgments - large collections etc those things can cause an issue as they pose a threat to becoming a lien -
For the most part Reverse Mortgages are all based on age of borrower and the initial loan to value. The younger you are the more you need to have available in equit. Since a reverse mortgage basically pays for itself by using the equity it usually takes 50-60% equity if you are at the minimum age range of 62 - if you are 80 you may get away with a 25% equity position. A lot of people get the wrong impression on reverse mortgages and just think that they can get one regardless once they reach 62 - not the case. If you owe what the home is worth you will not qualify for a reverse mortgage regardless of age -
Good Luck
Brian Barnes
ENG Lending
National Lender
For the most part Reverse Mortgages are all based on age of borrower and the initial loan to value. The younger you are the more you need to have available in equit. Since a reverse mortgage basically pays for itself by using the equity it usually takes 50-60% equity if you are at the minimum age range of 62 - if you are 80 you may get away with a 25% equity position. A lot of people get the wrong impression on reverse mortgages and just think that they can get one regardless once they reach 62 - not the case. If you owe what the home is worth you will not qualify for a reverse mortgage regardless of age -
Good Luck
Brian Barnes
ENG Lending
National Lender
Reverse mortgage lenders won't check your credit score. All they check is the equity that you've accumulated in your home. This is a loan against your home equity.