Good luck to you!
The minimum age allowed for a reverse mortgage/ borrower is 62.HECM stand for Home Equity Conversion Mortgage. Loan to Value ratios on Reverse Mortgages are based upon these three factors: Home Value or FHA Lending Limit (whichever is least), current expected interest rate, and the age of youngest borrower. HECM Reverse Mortgage Loans are insured by FHA. You cannot get a reverse mortgage on investment property.Reverse Mortgages may be used as purchase money loans on a primary residence.Proceeds from a reverse mortgage may be used to buy a vacation home.Once you have a reverse mortgage and you are taking monthly payments - if you wish to change the method of payment you must Request a Change and Recalculation and pay $20. Reverse Mortgage Counseling is Mandatory, provided by HUD Approved HECM counselors, and must be completed prior applying for a reverse mortgage.
Quality Mortgage Lending
RATED A+ WITH THE BBB
*We do Conventional loans down to a 620 score
*We do FHA loans down to a 580 score
*We do USDA loans down to a 620 score (no money down)
*We do $100 down payment FHA program
*Unlimited Loan To Value refinances on Fannie/Freddie refinances (only on loans originated before May 31st 2009
*We do VA loans down to a 620 score
*We give free counseling on what needs to be done to improve your credit score.
*We do 203k loans down to a 620 score
*We do reverse mortgages
*We do JUMBO loans to 12 million
*We do Itin loans
senior mortgage officer
I would strongly urge you to build your credit up first. Depending on your reason(s) for a low score, you could
possibly do want you need to do to significantly increase your score over a relatively short amount of time and little expense. I currently have a buyer that got a 43 pt boost in her score by simply paying down her credit by 384.00! And it took less than 5 days to do it.
Heed my advice, have a knowledgeable LO look at your credit and determine want you specifically need to do. The consultation itself should be free and you'll save yourself thousands of dollars in extra closing costs and higher interest rates.
You might be able to qualify for an FHA mortgage with a low credit score of 620 but it will cost you more money each month. Mortgage products donâ€™t even get exciting until you have a credit score of 749 or better. The higher credit score, the lower the interest rate. In addition to having a better mortgage product with good credit you will enjoy a lower insurance premium for your home, financing a car will be easier and cheaper with a higher credit score. Employers are now pulling credit reports as part of the back ground screening process. Can you get through life with less-than-perfect credit? Yes you can, it just makes life more difficult. Why not work to improve your credit first, then get yourself qualified for a good mortgage product, then begin looking for a home? This way you set yourself up for success long term. I certainly wish you good luck with your financial future.
Hannah Fliegel, FICO Pro
The Credit Repair Expert
Work on your credit by going to http://annualcreditreport.com
It is free and it let's you look at all three credit agencies once a year and dispute anything wrong.
That will take about 60 days to do.
If your scores don't go up then, I can recommend a great specialist to help you.