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 email@example.com.
Talk to you soon!