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Do I have to be in credit trouble to get a Reverse Mortgage?

By Ellen Wright Adams

Mortgage and Lending with Academy Mortgage.......We are a Equal Housing Lender CO NMLS2421 : NMLS 264534

February 08, 2011 02:28 PM

Do I have to be in credit trouble to get a Reverse Mortgage?

Question: I've heard that to get a Reverse Mortgage I have to be 62 and be in credit trouble. I am not in credit trouble, but don't have a lot of retirement income. Can I still get a Reverse Mortgage?

Answer: This is a question I am asked often, and thank you for asking.

It's a rumor that you have to be in credit trouble to get a Reverse Mortgage, but you do need to be 62.

I will have to run a credit report initially when you apply for a Reverse Mortgage, but only to verify the loan amount that is currently outstanding on your home. Really the only thing you need is equity in your home! Give me a call and I can determine how much equity you have - you might be surprised. I will ask you a few simple questions and it only takes a few minutes.

The beauty of a Reverse Mortgage is that it gives seniors financial independence, security, and peace of mind they would not otherwise have.

If there are any other questions you have about Reverse Mortgages, I'd love to answer them. My office number is 541-868-1050, and my email is loansbyellenadams@gmail.com.

Talk to you soon!

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Joan Cox

House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO

Denver Real Estate - Selling One Home at a Time

Hi Ellen, reverse mortgages have really helped many seniors in Denver - this is great product!

Feb 08, 2011 02:33 PM

Debbe Perry

Real Living Carolina Property - Morganton, NC

828.439.3084 Morganton/Lake James NC

Great to have a product that can help seniors! I see that Joan says reverse mortgages have helped many seniors in Denver - is that true in other markets, too?? Would be interested in hearing from others with experience with reverse mortgages...

Feb 08, 2011 02:40 PM

Ellen Wright Adams

Academy Mortgage.......We are a Equal Housing Lender - Eugene, OR

LoansByEllen- Licensed in Oregon

Joan: I sure wish every time a buyer over 62, is approached by their Realtor, that the Realtor would ask them to counsel on both sides the coin. It is soo freeing for the Senior and frees up so much income for them. Everytime I do a loan, i think of my mother. Would I do this for her

Debbe: Even though RM have been around, with the Baby boomer Population retiring, we are going to hear more & more about it.

Feb 08, 2011 04:01 PM

John Pusa

Glendale, CA

Ellen - Thank you for the information about if a borrower need to be in credit trouble to obtain reverse mortgage.

Feb 08, 2011 04:20 PM

Retired from ActiveRain

Baker, OR

Ellen, I like this series of posts. The questions are good ones and your answers are clear. Do you know Karen O'Brien with Wells Fargo Home Mortgage in the Eugene area? She specializes in reverse mortgages too.

Feb 09, 2011 01:46 AM

Rick: i have not met her. What office is she in? I just love to originate Reverse Mortgages. they are easy, and the express happiness the Senior gets when we are done is, absolutely why I do what I do every day.

Feb 09, 2011 03:49 PM

Ellen, I'm not sure which office Karen is working out of. She used to be at Umpqua Bank Mortgage, but Umpqua Bank doesn't do reverse mortgages anymore.

Feb 11, 2011 04:08 AM

Rick: yep, Umpqua doesn't do RM - but I am!

Mar 04, 2011 03:52 AM

Do I have to be in credit trouble to get a Reverse Mortgage?

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