There is no minimum credit score requirement for an FHA HECM reverse mortgage.
But borrowers must demonstrate that they pay their housing related bills such as taxes, insurance, and HOA dues when they come due.
They must show that they have enough income to cover these housing related expenses going forward.
There must not be any judgments owing against the residence, nor debt owing to the federal government such as income tax, nor federally owned student loans, although these can be paid off using proceeds from the reverse mortgage.
Sincerely,
James Robert Deal
Real Estate Attorney & Real Estate Managing Broker
James@JamesDeal.com
PO Box 2276 Lynnwood WA 98036
Law Office Line: 425-771-1110
Broker Line: 425-774-6611
Cell & Text Line: 425-670-1405 (better to send email)
KW Everett Office Line: 425-212-2007
Fax: 425-776-8081
I help buyers, sellers, brokers. Flat fee payable at closing.
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