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Financing in Prospect Heights : Real Estate Advice

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  • Home Buying13
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Activity 3
Thu May 2, 2013
answered:
Your question doesn't make a lot of sense.

Are you asking if someone can qualify for a FHA HECM reverse mortgage? If so, then the answer is "Yes", people can qualify.

You don't need to "qualify" for a reverse mortgage (although some lenders are now requiring to verify that there is income), you just need to be "eligible".

http://portal.hud.gov/hudportal/HUD?src=/program_offices/housing/sfh/hecm/rmtopten says:

To be eligible for a FHA HECM, the FHA requires that you be a homeowner 62 years of age or older, own your home outright, or have a low mortgage balance that can be paid off at closing with proceeds from the reverse loan, and you must live in the home. You are also required to receive consumer information free or at very low cost from a HECM counselor prior to obtaining the loan. You can find a HECM counselor online or by phoning (800) 569-4287.

Shane Milne | Lending in all 50 states | NMLS #81195
shane@thebesthomeloans | 949-273-4161 direct
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Sun Nov 20, 2016
Javier Meneses answered:
The first thing you should know is that there are no "bad credit" mortgages. I guess it really depends on what your definition of bad credit. What's available these days for less than very good credit is FHA and HAPR. In either program your credit needs to be a certain way. For example, FHA will require you to have a 640 FICO or higher. In addition to the FICO, they'll also require any collection, charge-off and judgements to be satisfied.

The best thing you can do is meet face-to-face with a loan officer and allow him/her to review all the necessary paperwork to determine if you qualify. Should you not qualify, perhaps they can let you know what you must do to improve your credit so that you can get to qualify soon.

I'm always available if you need someone. Good luck!

Javier Meneses
NMLS #23130
Senior Loan Officer
Sterling National Bank
jmeneses@snb.com
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Mon Jun 18, 2007
Sonni Woodbury answered:
There are various lenders in the New York Metropolitan area.
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