What Is The Minimum Credit Score For A Reverse Mortgage

What Is The Minimum Credit Score For A Reverse Mortgage

What Is The Minimum Credit Score For A Reverse Mortgage

The question I get commonly is, what credit score do I need to qualify for reverse mortgage?

And the answer is you don’t need a credit score at all to qualify for reverse mortgage.

It doesn’t matter if your credit score is low, or if you’ve had credit events in your past, you can still qualify for reverse mortgage because it’s not a credit-based mortgage product. Now, if you do have some negative credit in your past, there’s a couple things that might happen.

First of all, you may be required to have what’s called a LESA account. A LESA account is a set aside account that’s used to pay your taxes and insurance for you out of the reverse mortgage. So sometimes that’ll be required.

You also might have to explain some negative credit events in your past, but it’s not a credit-based programs, so there’s not a minimum credit score that you need to qualify for a reverse mortgage. That’s the good news. Most people can qualify for a reverse mortgage despite negative credit events in the past.

If you want to talk more about what’s going on with your situation and if you qualify for reverse mortgage, just give me a call. Happy to answer your questions. 303-670-0137 or email at baxterteam@fairwaymc.com

 

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