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Cliff Auerswald, President of All Reverse Mortgage, Inc., and co-creator of ARLO™ — the industry's first real-time reverse mortgage pricing engine — has 27 years of experience in mortgage banking, with 20+ years focused exclusively on reverse mortgages. A recognized expert in reverse mortgage technology and consumer education, he has been featured in Kiplinger, Yahoo Finance, Realtor.com, and HousingWire. (License: NMLS# 14041)

Reverse Mortgage Credit Requirements 2026 — No Minimum Score, HUD Payment History Rules

By Michael G. Branson

CEO · 45 yrs in mortgage banking

Edited By Cliff Auerswald

President · All Reverse Mortgage Inc.

Updated Jan 31, 2024 ⏱ 7 min read ✓ Fact Checked HUD-Lender #26031-0007 72 comments

Updated: 12/24/2025

Qualifying for a reverse mortgage involves more than just your home’s equity — it also includes a review of your credit history. In 2026, lenders will focus on factors like payment history and satisfactory credit to determine eligibility.

In this guide, we’ll walk you through the credit qualifications for a reverse mortgage, highlighting the criteria underwriters evaluate during the loan approval process. Whether you’re planning to apply or want to understand the requirements, this article will provide the insights you need to navigate the process confidently.

Table of Contents

• How Will My Credit History Be Evaluated for a Reverse Mortgage?

• Satisfactory Credit Requirements for Reverse Mortgages

• Evaluating Payment History: Prioritizing Debts and Expenses

• Credit Considerations for Reverse Mortgage Eligibility

• Final Thoughts

• Reverse Mortgage Credit Requirements vs. Other Mortgage Types

• FAQs

• 2025 HUD Credit Guidelines Update

How Will My Credit History Be Evaluated for a Reverse Mortgage?

Your lender will carefully review your credit history as part of the financial assessment process. A credit report will be required for all borrowers to document payment history and assess overall creditworthiness.

Did You Know? There’s no minimum credit score required for a reverse mortgage; lenders focus instead on your payment history.

According to the Department of Housing and Urban Development (HUD) guidelines, having an imperfect credit history doesn’t automatically disqualify you from obtaining a reverse mortgage. Instead, lenders are required to take a deeper look at your accounts if your credit is deemed unsatisfactory.

This additional analysis focuses on understanding the reasons behind late payments or overdue accounts. Lenders will consider any extenuating circumstances — such as medical expenses, job loss, or other unforeseen financial hardships — that may have contributed to credit challenges.

By providing context for your credit history, you can work with your lender to demonstrate financial stability and meet the qualification criteria for a reverse mortgage.

Expert Insight from Michael Branson, CEO: “A less-than-perfect credit history doesn’t automatically disqualify you. What matters most is the last 24-month history demonstrating your ability to maintain future tax and insurance obligations.”

Satisfactory Credit Requirements for Reverse Mortgages

The lender may determine that the borrower has satisfactory credit if:

The borrower has made all housing and installment payments on time for the previous 12 months and has no more than two 30-day late housing or installment payments in the last 24 months.
The borrower has no “major derogatory credit” on revolving accounts in the previous 12 months.

HUD defines major derogatory credit as any revolving credit payments that were more than 90 days late within the last 12 months and three or more revolving credit payments that were more than 60 days late within the previous 12 months.

Evaluating Payment History: Prioritizing Debts and Expenses

When assessing your creditworthiness, lenders follow a specific hierarchy to evaluate your payment history:

Current or Previous Mortgage Debt and Housing-Related Expenses — Your mortgage payment history is a primary focus, as it reflects your ability to manage housing-related obligations.
Installment Debts — Lenders will review payment histories for installment loans, such as auto loans or personal loans, to assess consistency.
Revolving Accounts — Credit card accounts and other revolving lines of credit are also examined to determine how well you manage ongoing financial obligations.

Did You Know? Reverse mortgage lenders prioritize housing and tax payments first when reviewing your credit history.

Credit Considerations for Reverse Mortgage Eligibility

Lenders will also evaluate additional credit issues that might appear on your credit report, even if they are more than two years old. These issues need to be addressed before proceeding with your reverse mortgage application.

Collections and Charge-Off Accounts

These accounts do not necessarily need to be paid off or placed under a payment plan.
However, lenders must determine why the accounts were sent to collections or charged off.
Borrowers are required to provide a letter of explanation for each collection or charge-off account.

Did You Know? Even with collections or charge-offs, you may still qualify if you can demonstrate that the late payments were the result of an unforeseen circumstance and not likely to reoccur.

Judgments

Judgments must be resolved or paid off before or at closing.
Alternatively, the borrower must enter into a valid agreement with the creditor to make regular payments and provide proof of timely payments for the last 3 months.

Delinquent Federal Non-Tax Debt

Borrowers with delinquent federal non-tax debt are ineligible unless the delinquency is resolved.
Lenders must verify the debt with a creditor agency.
If validated, the debt may be paid off at closing using reverse mortgage proceeds as a mandatory obligation.

Delinquent Federal Tax Debt

Borrowers with delinquent federal tax debt are ineligible for a reverse mortgage.
To qualify, borrowers must pay off the debt before or at closing, or enter into a valid repayment agreement and provide proof of timely payments for at least three months.

Did You Know? Borrowers with federal tax liens must enter into a repayment plan and make at least three on-time monthly payments before applying for a reverse mortgage. These payments cannot be prepaid, and the repayment plan must remain current through closing.

Delinquent FHA-Insured Mortgages

Borrowers with delinquent FHA-insured mortgages are ineligible until the delinquency is resolved.
If reverse mortgage proceeds will be used to pay off the delinquent mortgage on the borrower’s primary residence at closing, the borrower becomes eligible.

Other Delinquent FHA-Insured Mortgages

Must be resolved before the reverse mortgage application can proceed.
These are not considered mandatory obligations and cannot be paid off using reverse mortgage proceeds at closing.

Final Thoughts

Understanding how lenders evaluate credit history and address potential issues is key to preparing for a reverse mortgage application. By proactively resolving credit concerns and providing necessary documentation, borrowers can navigate the process with confidence and unlock the benefits of a reverse mortgage.

Expert Insight from Michael Branson, CEO: “Reverse mortgage credit reviews are designed to ensure you can maintain your home — not to lock you out of the program.”

Reverse Mortgage Credit Requirements vs. Other Mortgage Types

Loan Type	Credit Score	Payment Check	Income Proof	Debt Limits
Reverse Mortgage	No minimum score required	Focuses on last 24 months of housing/tax payments & overall credit history	Full income documentation required (with flexibility to use asset dissipation)	No fixed DTI cap — lender evaluates residual income & financial obligations
Traditional Loan	Typically 620+ for best rates	Full review of credit score & payment history	Must document steady income & employment	Usually capped at ~43% DTI
HELOC	Typically 620+ (varies by lender)	Requires solid on-time payment history	Must show income and sufficient home equity	Often capped at ~50% DTI

Notes for Clarity

Reverse Mortgage: While there’s no set minimum credit score, all borrowers undergo a full financial assessment. Lenders require complete income documentation, but reverse mortgages are more flexible because they allow asset dissipation (converting savings/investments into qualifying income) in cases where wages or pensions alone don’t meet the threshold. Major derogatory credit issues can still lead to a LESA (Life Expectancy Set-Aside) requirement.

Traditional Loan: Strict reliance on credit score and debt-to-income ratios, with less flexibility compared to a reverse mortgage.

HELOC: Functions like a revolving line of credit, requiring strong credit history, income, and home equity.

Wondering If Your Credit Will Qualify? Get a free quote with expert help from All Reverse Mortgage, Inc. (ARLO™) — America’s #1 rated lender with a 4.99/5-star rating! Call (800) 565-1722 or click here for your free quote — simple, trusted, 100% secure!

FAQs

What are the credit requirements for a reverse mortgage?

Reverse Mortgages require an overall sound credit history, with no late payments in the past 24 months for property-related charges (such as taxes, insurance, and mortgages) to be approved for the loan. This is to avoid setting aside funds to pay future taxes and insurance on the loan.

Can you get a reverse mortgage with bad credit?

You can still obtain a reverse mortgage with bad credit, depending on your specific credit situation. Most credit will ultimately warrant approval on a refinance (purchases are a little more strict), but if your credit has not been good in the past 24 months, you may be required to set funds aside out of the loan to pay taxes and insurance. You can be declined for bad credit, but that is not common.

Can you get a reverse mortgage if you have filed for Bankruptcy?

You can still obtain a reverse mortgage, even if you have previously filed for bankruptcy.

Does a reverse mortgage show up on a credit report?

There are no payments required on a reverse mortgage, so most lenders do not report to credit agencies.

Will a reverse mortgage impact your credit score?

While the reverse mortgage itself doesn’t directly alter your credit score, leveraging the funds to clear existing debts could positively enhance your credit profile, potentially boosting your credit score.

When does the lender pull a “hard inquiry” on your credit rating?

The reverse mortgage lender conducts a hard inquiry on an applicant’s credit as part of the application process, which is necessary for assessing eligibility and the potential need for a set-aside account under HUD’s Financial Assessment rules. This credit check, implemented in 2015, helps determine the applicant’s financial standing early, benefiting both the lender and the borrower. Delaying the credit check to avoid a hard inquiry may result in significant delays and require re-disclosure or adjustments to the loan terms based on updated credit information.

2025 HUD Credit Guidelines Update

Medical collections and judgments are now excluded from expenses and no longer require a Letter of Explanation (LOE), irrespective of the amount or balance.

Source

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72 Comments on this Article

Kesley P.
May 19th, 2026

I'm applying for Reverse Mortgage. My file has been sent to underwriting, but there have been a couple of late fees on my bank statement. What are my chances of getting approved?
Reply to Kesley
- Michael Branson
  May 19th, 2026
  
  Hello Kesley,
  A couple of late fees on your bank statement might be enough for the underwriter to request an explanation but typically won't cause you any real issues unless they are over 30 days late and are for property related charges in the past 24 months.
  Banks can often charge fees for accounts that are just past the due date and not 30 days late and those kinds of charges won't hinder your chances. If you didn't pay your mortgage late or your taxes and insurance late, you will also be fine.
  Reply to Michael
Norman
February 7th, 2026

I'm 65 and my wife is 64. Our credit scores are between 550 to 600. Is it a possibility for us to get a reverse mortgage that would pay off the mortgage we have now? The mortgage we have now is at $149,500 and our taxable market value is it $470,000
Reply to Norman
- Michael Branson
  February 7th, 2026
  
  Hello Norman,
  HUD does require lenders to consider borrower credit in their financial assessment guidelines but they do not underwrite using credit scores. There is a possibility that if your credit issues are recent or if you have paid your taxes, insurance or other property charges late in the past 24 months that the lender may be required to establish a LESA account (Life Expectancy Set Aside) but you may still be able to qualify for the loan. The only way to know for sure is to apply and let the lender review your entire circumstances.
  But just know that low credit scores in and of themselves are not a reason to deny the loan. If you would like us to review your situation or just run the calculator to see how much you might qualify for, please feel free to use our online calculator at https://reverse.mortgage/calculator.
  Reply to Michael
John S.
January 3rd, 2026

If real estate taxes were one month late, but the credit score is excellent, how does this affect the reverse mortgage application?
Reply to John
- Michael Branson
  January 3rd, 2026
  
  Hi John,
  If the late taxes are within the last 24 months, that could be a red flag for HUD. In any event, it would not stop you from getting the loan, but it could result in you having to get a set aside from you reverse mortgage proceeds to pay future taxes and insurance installments as they come due.
  You may be able to avoid the set aside requirement if you can substantiate that the late payment was beyond your control. An illness or death in your immediate family, a loss of employment or some other circumstance over which you had no control that causes a temporary interruption may sometimes be explained and verified, eliminating the need for the life expectancy set aside (LESA) requirement for borrowers with delinquencies on taxes or insurance in the past 24 months.
  But one thing to keep in mind if you are required to get the LESA is that if the loan numbers work for you after the funds are set aside, it's not a bad deal! Funds are not considered borrowed until the lender actually sends them to your tax collector or your insurance company so until a payment is made, you do not accrue interest on those funds. You don't need to worry about making tax payments or insurance payments while the LESA is in effect so no writing that check to the tax man each time the taxes are due, the lender's servicing department will take care of it for you. If you sell your home or pass before you use the entire LESA account, those funds were never used so they do not need to be repaid. In other words, if you decide to sell your home in 10 years and you had $30,000 set aside to pay taxes and insurance but the lender only used $20,000 of those funds for payments, your loan payoff would only include the $20,000 and interest that accrued on the funds you actually used, as you used them, not the entire $30,000 that was set aside and not the entire amount from the date the loan closed.
  The one thing borrowers need to remember is that the set aside is for a life expectancy. This means that you can outlive your LESA. Lenders can't put aside enough funds to keep paying taxes and insurance in case every borrower lives beyond a normal life expectancy and some people know in advance their families have a lot of longevity. So we do caution borrowers to keep an eye on their statements and to monitor their LESA accounts to be certain that they are capable of picking back up on paying their taxes and insurance should they outlive their LESA account. It doesn't take a lot of planning, just a little saving each year you aren't paying your taxes and insurance so that if this responsibility falls back to you, you are ready for it.
  Reply to Michael
Kathrine
December 5th, 2025

I was wondering if I would qualify for a reverse mortgage. My credit score is in the 700s, and I have an excellent payment history on all of my obligations. No late payments, etc. I live on Social Security and a pension, so I have not had to file taxes. Am I still eligible for a reverse mortgage even though I haven’t filed taxes in the last five years since I retired?
Reply to Kathrine
- Michael Branson
  December 16th, 2025
  
  Hello Katherine,
  Reverse mortgages typically do not require tax returns to qualify. However, lenders are required to review your income and evaluate your ability to meet ongoing property obligations under HUD's financial assessment guidelines.
  Please feel free to contact us and we'll be happy to review your specific situation and explain how the program qualifications and HUD guidelines apply to you.
  Reply to Michael
Sharon
June 2nd, 2024

Can an underwriter go back 7 years and ask about a charge-off after I've already answered it?
Reply to Sharon
- Michael Branson
  June 2nd, 2024
  
  Hello Sharon,
  It's not typical for an underwriter to go back seven years to inquire about a debt that was charged off by a creditor that long ago, but yes, they can ask about something appearing on your credit report. I really can't think of any particular reason why the underwriter would be that fixated on a seven-year-old credit item that you had already addressed. However, I can't see the item or your whole credit profile or how you addressed it, so I don't know why he/she feels it is so important.
  Do you feel the underwriter's request is unreasonable or not within your ability to provide? Underwriting is all about analyzing your past performance, your current situation, and the likelihood of continuance of future events. Your credit profile, current income, and the stability of your income tell a story that the underwriter uses to determine how likely a borrower is to meet their future obligations with a new loan. Depending on the magnitude of the event and whether the borrower has fully recovered, something that happened seven years ago usually doesn't require more than just a footnote in the profile. If it appears that it might still affect the borrower or may not be fully resolved, then maybe the underwriter is still concerned, but that's only a supposition.
  Given the complexity of your situation, it might be beneficial to reach out to your loan officer for clarification on what was not covered or what was lacking in your initial response to the charge-off. This could help you avoid multiple back and froths on the same issue and potentially alleviate your frustration. I look forward to hearing your thoughts on this.
  Reply to Michael
Paul E.
March 28th, 2023

Hi Arlo,
I inherited a house worth around $400,000. I'm 65 and have a low credit score. How much would I qualify if I wanted a reverse mortgage?
Reply to Paul
- Michael Branson
  March 28th, 2023
  
  Hello Paul,
  Your credit score will not affect the money you receive with a reverse mortgage. Still, any lates with property-related charges (mortgages, rents, taxes, HOA Dues, insurance, etc.) could require the lender to set funds aside to pay these expenses. Anything I put in writing is subject to change with the changing interest rates, as the interest rate determines the amount of money a reverse mortgage borrower will receive.
  Rate changes, up or down, might make any number I put in writing here (or even any proposal borrowers have received in the past) inaccurate as soon as new rates are posted. Since this is a blog and you may not access the information on the day it is posted, the information could be out of date, positively or negatively, by the time you receive it. Also, some closing costs can vary by thousands of dollars depending on where in the country the property is located and, therefore, what the closing costs will be.
  Therefore, rather than give you a number that may not be accurate for your area or your circumstances, I would highly recommend that you visit our online calculator to get a real-time quote that takes into consideration the costs in your area and current interest rates (not to mention the fact that if you are going to be 66 within the next 6 months, you will get credit for the next higher loan amount under the program parameters).
  The quote is in real-time, requires no personal information (such as social security number), and is free with no obligation. Suppose you know you have had late payments with property-related charges in the past 24 months. In that case, you may want to call or shoot us a quick email so we can go over those with you to determine if funds need to be set aside to pay future charges, but otherwise, it is quick and easy.
  Reply to Michael
Betty J.
January 31st, 2023

If you have credit card debt and cannot pay it, will this affect your reverse mortgage?
Reply to Betty
- Michael Branson
  January 31st, 2023
  
  Hello Betty,
  
  Credit usage, the willingness and ability to repay obligations is one of the things that a lender must review as part of HUD's financial assessment guidelines for reverse mortgage eligibility. How much it may affect your ability to qualify for the loan would depend on the circumstances, your past and other credit history, and your reasons for being unable to pay the debt.
  It would also depend on the steps you took to attempt to keep your credit current, how long ago it was delinquent and other factors. I would certainly tell you that it is worth looking into it because there are several ways to work with credit issues that your lender may be able to utilize to still approve a loan.
  
  If you have a current reverse mortgage and you fall behind in credit card debt, the reverse mortgage is not affected but a derogatory credit rating. If you plan to go as far as bankruptcy, it can interrupt your payments or ability to take draws from the loan until the reverse mortgage has been exempted from the bankruptcy so it can affect it from that standpoint, but it will not cause the loan to be called if that is your concern.
  Reply to Michael
Clara A.
August 31st, 2022

Hello Arlo,
I own a home in Florida with my boyfriend or domestic partner. We don't have a mortgage on it. The market value of the home is approximately $375,000. My boyfriend stopped paying his credit cards during Covid because he couldn't keep his retirement job with Uber. Only one of the credit card companies sued him but they did not get a judgment against him. None of the other creditors have sued him but send him letters suggesting payment arrangements. Can we get a reverse line of credit with his credit problems?
Reply to Clara
- Michael Branson
  August 31st, 2022
  
  Hello Clara,
  There is a credit assessment done with reverse mortgages and it is more stringent for the purchase program. It's impossible for me to tell you what extent the credit issues my affect your qualifications without being able to see your credit report as well as your explanations for the negative items that appear.
  The lender will need to assess your willingness and ability to repay your obligations even after you close the purchase of the home. HUD requires lenders to scrutinize borrowers purchasing new homes with the reverse mortgage program to be certain they are not in danger of default since they will still be required to pay all property charges on time and failure to do so could end in a foreclosure. Therefore HUD is very concerned with recent credit and particularly on the purchase program.
  Reply to Michael
Connie G.
April 16th, 2022

Hi Arlo,
I want to do a cash out refinance on my reverse mortgage. I owe $270,000 and its value is $650,000 but I have bad credit & I was late on my property taxes. How could I qualify?
Reply to Connie
- Michael Branson
  April 16th, 2022
  
  Hello Connie,
  
  With late taxes you would probably need to set funds aside from your next reverse mortgage to pay the taxes and insurance on any refinance of your reverse mortgage. It's not a bad deal, you would never need to pay those expenses again, the servicer would do it for you from your loan proceeds and the funds set aside do not accrue interest until they are actually used to pay those property charges.
  However, depending on your age and the amount of the expenses, there may not be enough money in your refinance left to set funds aside to pay these charges and give you cash out (because your existing loan must be paid off first).
  The only way to know for sure is to contact us and give us a copy of your most recent statement for your existing reverse mortgage loan, your birthdate(s) of all borrowers on the loan and include the costs of the taxes and insurance (stating that you have been late on property taxes) so that we know to include the figures for the HUD-required LESA (Life Expectancy Set Aside) in the calculations.
  Also let us know when you were late on your taxes and/or insurance and the reason so that we can determine if there is any possible way to avoid the requirement of the LESA.
  Reply to Michael
Gen C.
February 9th, 2022

If my lender is showing me late on payments and I am trying to get it corrected, will this affect me trying to get a reverse mortgage?
Reply to Gen
- Michael Branson
  February 9th, 2022
  
  Hello Gen,
  
  Yes, it most certainly can. Under the HUD financial assessment guidelines, borrowers with delinquent property charges in the past 24 months (mortgage payments, taxes, insurance payments, HOA dues, etc.) may be required to set funds aside to pay their taxes and insurance in order to qualify for the loan. If you have not been late on any payments, it would be very beneficial for you to have this corrected.
  Reply to Michael
Robert M.
October 14th, 2021

Can I get a reverse mortgage if I am in a bankruptcy that will be decided in three weeks.
Reply to Robert
- Michael Branson
  October 17th, 2021
  
  Hello Robert,
  If you have filed for Bankruptcy (BK) but it has not been determined by the court, then you would not be able to receive a reverse mortgage until the terms were set and the lender can verify that they meet the requirements.
  And the requirements vary depending on whether the BK is a Chapter 7, 11, or 13; whether the loan is for a purchase or refinance transaction and whether you are talking about a HUD HECM reverse mortgage or a jumbo or proprietary program.
  You really need to speak with a lender once you have the terms finalized by the court so that they can tell you if they would be able to accept them and move forward with your request and if so, what they would need from you and possibly the court.
  Reply to Michael
Fred C.
August 10th, 2021

A couple of years ago we applied for a Reverse Mortgage with credit scores in mid 500's and had 4 unpaid collections. Now my scores are between 627-638. Will the Underwriters still scrutinize my credit like I was a criminal?
Reply to Fred
- Michael Branson
  August 10th, 2021
  
  Hello Fred,
  
  Very difficult to answer a question when it is asked in this manner. Almost like asking someone who has never raised a hand to his spouse "when did you quit beating your wife"? The premise is that the act occurred, whether it did or didn't. I can only tell you that HUD doesn't even have a minimum FICO/credit score requirement.
  We routinely close loans for borrowers with low to mid-600 credit scores and in some instances, for borrowers with no credit scores at all. HUD simply requires under the financial assessment portion of their underwriting requirements that borrowers show a willingness and an ability to pay their obligations, with a special emphasis on the past 24 months. Willingness is demonstrated by your debt payment history. They are especially concerned with your payments to your current mortgage and housing related obligations.
  For example, if borrowers have been delinquent on mortgage payments, taxes or insurance payments in the past 24 months, HUD does not require lenders to decline the loan, but they will require lenders to establish a Life Expectancy Set Aside (LESA) to pay the taxes and insurance payments in the future if they want to close a reverse mortgage.
  
  To be able to demonstrate that borrowers can pay their obligations, HUD uses a residual income method of qualification rather than a ratio method. The larger the home and household, the more income would be needed after paying all debts to live on but the requirements are not overly stringent and borrowers who do not have high debts typically find the requirements fairly easy to meet even with modest incomes.
  Here again, HUD allows a LESA to be used to off-set the taxes, insurance, and some other requirements as well as dissipation of assets (determining a monthly income equivalent even if you do not use them that way) for qualification purposes of any money you have in the bank.
  
  So if you are asking if your loan will be underwritten to HUD's written standards for the program, the answer is yes. If you are truly asking me if I believe you will be treated like a criminal, I will say absolutely not.
  If your credit has been all paid as agreed over the past two years and you have credible explanations for past derogatory items and why they will not occur again in the future, I believe you have a good chance of being approved with the last two years being paid as agreed (as long as you meet HUD's other underwriting criteria).
  Reply to Michael
Simon
March 6th, 2021

Hello,
My parents qualify for a reverse mortgage. My question is that I currently live with them, in the future if I plan to stay in the house and I want to take over payments how would the reverse mortgage affect me? They also have a pretty low monthly mortgage payment and if that payment would go up or do I continue paying the current payment. Thank you.
Reply to Simon
- Michael Branson
  March 10th, 2021
  
  Hello Simon,
  If your parents were to get a reverse mortgage, that loan would become due and payable when neither of them were living in the home as their primary residence. If you wanted to continue to stay in the home at that time, you would need to refinance the loan with new financing in your name at that time.
  Reply to Michael
Levi
February 9th, 2021

I am considering a reverse mortgage. My credit is very good at this point however the one and only issue I have EVER had was a deed in lieu of foreclosure 13 years ago during the housing crash. However, my score now is 760. Estimated value of home 600k. Balance owed 285k. Should I have any trouble getting approved?
Reply to Levi
- Michael Branson
  February 9th, 2021
  
  One credit item from 13 years ago would at worst require an explanation and would certainly not prevent you from getting the loan.
  Reply to Michael
John L.
January 18th, 2021

If you have a reverse mortgage and you have received and spent all the money on medical bills, would filing for a chapter 7 bankruptcy trigger a foreclosure with your lender?
Reply to John
- Michael Branson
  January 20th, 2021
  
  A Chapter 7 Bankruptcy affects possible payments to a borrower and pursuant to the terms of the mortgage loan documents, the lender is not required to continue making payments to the borrower under the terms of the loan following the date a borrower files for bankruptcy protection.
  However, if you have already received all the funds from your reverse mortgage, the BK should not affect your loan.
  There are no funds left to receive anyway so there are no payments to disrupt, the BK will not discharge the mortgage and the loan does not become due and payable because of the BK.
  If you continue to live in the home as your primary residence and make all payments of taxes, insurance and any other property assessments on time (i.e., HOA dues if any) and reasonably maintain the home, the lender will not foreclose on the loan and the BK will not affect it.
  Again, this answer would change if you had not yet taken all funds available to you under the mortgage terms.
  Reply to Michael
Joe E.
October 12th, 2020

I am applying for reverse mortgage and the underwriter wants explanation on bad credit. How do I answer?
Reply to Joe
- Michael Branson
  October 12th, 2020
  
  Hi Joe,
  
  By telling the truth. But remember that your response can make a big difference in the terms of the loan.
  If your delinquent credit is all tied to a small timeframe and is related to items that are beyond your control, you stand a much better chance of a positive outcome.
  HUD understands borrowers who miss or have late payments due to an immediate death in the family, a lost job, Covid issues, etc.
  HUD will not excuse borrowers from payment obligations who made a conscious decision to pay someone else's bills by letting theirs go delinquent, times when borrowers just decided that it was "easier" to wait and pay both installments of taxes at one time even though the first installment was delinquent that way or other reasons for delinquencies that are not beyond the borrower's control.
  
  HUD requires the lender to obtain some documentation to support letters in most instance so if, for example, your problems were the result of you being laid up in the hospital and you have some supporting documentation, be honest with the lender and let them know you were in an accident and were out of work for a while.
  A well-written, factual letter that covers the time in question for the late payments can do wonders when your payment history was adversely affected by issues that were truly out of your control.
  Reply to Michael
Mario
August 13th, 2020

My parents have a couple of rentals in Las Vegas. We just sold one and made good money. They have 2 more. We want to give them back to the banks because they are cash negative. Can we still get a reverse mortgage on our primary home?
Reply to Mario
- Michael Branson
  August 14th, 2020
  
  Hello Mario,
  I am not sure I understand who the principals are in the question. You said your parents have the rental properties but then you ask if "we give them back".
  I am going to assume for the sake of the question that your parents would be the borrowers on the reverse mortgage. Giving back property via foreclosure or Deed in Lieu because it does not make the return you had hoped is not a valid reason for a default in the lender's or HUD's opinion.
  The chances are very good that this would be a reason for denial of the loan. HUD still wants to see that borrowers are creditworthy even though there are no mortgage payments on a reverse mortgage and that is why they implemented the Financial Assessment guidelines in 2015 for reverse mortgages.
  They do underwrite borrowers for willingness to repay obligations and defaulting on a mortgage loan because of convenience is not a good sign of willingness to repay an obligation.
  I would strongly advise listing the homes and selling them before taking this sort of action.
  Reply to Michael
  - Barbara G.
    August 17th, 2020
    
    Can I get a second mortgage on a reverse mortgage?
    Reply to Barbara
    - Michael Branson
      August 19th, 2020
      
      Hello Barbara,
      The reverse mortgage does not prohibit any other junior liens behind it, but you may find it difficult to find a lender willing to lend behind a reverse mortgage.
      The balance on a reverse mortgage continues to grow as long as the borrower makes no payments on the loan and even if the borrower takes no draws on the line of credit, the amount available to the borrower grows over time due to the credit line growth rate.
      So even with a lower balance owed, the reverse mortgage borrower has an opportunity to withdraw more money later the loan. This makes it difficult for junior lien lenders to calculate the risk if the borrower can draw more money later than they could have received even at the start of the loan.
      Therefore, most will not place their liens behind a reverse mortgage as they have no way to know how much the reverse mortgage borrower will ultimately borrow/owe.
      Reply to Michael
Randy
July 15th, 2020

How is student loan debt handled in a reverse mortgage if I am on income-based repayment plan?
Reply to Randy
- Michael Branson
  July 15th, 2020
  
  Hello Randy,
  If you have a set payment, that is the amount the underwriter will use to determine your qualification. The time that the underwriter must use a flat percentage of the loan balance to determine qualification is when there is no defined payment.
  Reply to Michael
Danny
July 14th, 2020

I am the trustee and benificary of a trust that owns a $1.1 million dollar home with a $400k balance. I personally have a huge tax lien. Can I qualify the trust for a RM?
Reply to Danny
- Michael Branson
  July 14th, 2020
  
  If you are over the age of 62, the trust meets HUD guidelines the type of tax lien and if you have a good explanation for the tax lien, chances are pretty good the results will be favorable. The tax lien would also be required to be paid in full though so you need to consider this in your figuring.
  Reply to Michael
Ruth
July 10th, 2020

I am a 64-year-old Widow in Texas. I had a Mortgage Foreclosure & filed Chapter 13 Bankruptcy, in November 2019. The bankruptcy has since been dismissed. I am expecting an inheritance soon. I plan to pay cash for a new home within a couple of months. Will I be eligible to take out a Reverse Mortgage next year?
Reply to Ruth
- Michael Branson
  July 10th, 2020
  
  Hello Ruth,
  
  After you have been more than 2 years and have been paying your taxes and insurance in a timely manner for the entire time, you would be able to get a reverse mortgage.
  Your odds of getting the loan without needing the set aside to pay taxes and insurance are greatly increased if your reasons for the foreclosure and the BK were for something beyond your control (such as sickness or death in the immediate family, loss of income, etc) and your credit was good before and after those incidents.
  The lender will ask for a letter of explanation and if you can demonstrate that you have always been very good about paying obligations in time but had some event in your life that was not under your control and not expected to reoccur, then you are much more able to receive the loan without setting aside funds for payment of future taxes and insurance.
  Reply to Michael
Bridget
June 23rd, 2020

If I have a large student loan amount but is payment plan, will that effect eligibility for reverse mortgage?
Reply to Bridget
- Michael Branson
  June 23rd, 2020
  
  Hello Bridget,
  
  We are required by HUD to consider the student loan payments when qualifying reverse mortgage borrowers. But we are also able to use other things like assets, the line itself and set aside accounts to pay taxes and insurance in many instances to help borrowers qualify.
  The best way to determine if you will qualify is to try our online calculator where you can run the numbers on the calculator to see what you might expect to receive from the program based on your information and then if that works for you and you would like to know more, we can determine if your income and other compensating factors will still qualify under the financial assessment guidelines for the reverse mortgage.
  Reply to Michael
  - David
    May 19th, 2022
    
    Hi Mike,
    I simply wanted to thank you for making the complex simple. I recently started working in the reverse mortgage space, you've helped me clear up some misconceptions I had, some particulars were not entirely clear to me in training. I know your purpose is not to educate competitors, but the clarity of the information presented has made me feel more at ease I as I seek to deliver easily digestible truth.
    Reply to David
Mary
May 18th, 2020

My mortgage is in my deceased wife's name with a co-signer. Can I get a reverse mortgage with no credit?
Reply to Mary
- Michael Branson
  May 18th, 2020
  
  Hi Mary,
  The reverse mortgage loan does not require a minimum credit score, but you might have other issues. Firstly, do you have title to the property now? You would need to own the property to get a loan of any kind on it.
  Depending on the state, there may be probate and heirship issues that you would need to overcome to secure title in your name if that is not already done since the house was owned by others prior to your marriage.
  And secondly, you would need to be sure that you had the equity needed for the reverse mortgage.
  It doesn't make any difference in whose name the last loan was vested, if you now own the property and you are of legal age for the loan, have sufficient equity, and you live in the home as your primary residence, you may apply for the reverse mortgage.
  Reply to Michael
Feliciano M.
May 9th, 2020

I need a loan but my credit score is to low it is not real low but it's too low to qualify can you help?
Reply to Feliciano
- Michael Branson
  May 9th, 2020
  
  Hello Feliciano,
  
  Reverse mortgages do not consider credit scores. They do look at the borrowers' willingness and ability to repay obligations but are especially concerned with the housing expenses which include any loans and taxes, insurance and HOA if any.
  If you have been clean on all your housing expenses for the past 24 months, you are probably just fine (assuming no current bankruptcies and those are not even a sure denial).
  If you have been late on housing expenses you may still get the loan, but you would probably be required to set funds aside from your loan to pay your taxes and insurance.
  This would mean that some of your loan proceeds would not be available to you to spend on other things as they would be used to pay taxes and insurance on the property as they came due.
  Reply to Michael
  - Angela M.
    February 2nd, 2022
    
    My mom had 2 small amounts owing on her credit report one for 500 the other for a 1,400. Is it normal for a lender to hold back taxes and insurance on a reverse mortgage? She has always paid her taxes and house insurance on time.
    Reply to Angela
    - Michael Branson
      February 8th, 2022
      
      Hello Angela,
      
      Lenders must make the determination if a set aside is required based on the HUD Financial Assessment guidelines and requirements. If there were only two minor credit issues and the borrower had valid explanations for their occurrences, it would seem that there would be a good chance that there would be no requirement for the set aside for taxes and insurance.
      However, I can't tell if the "small amounts" were for recurring lates, single issues, if they were just minor footnotes on an otherwise flawless report or were the only credit items the borrower had.
      It's very difficult to make any kind of assessment without all the facts but most of the time if there are extenuating circumstances, a good letter of explanation and back up documentation to show that the credit issues were beyond the borrower's control can eliminate the need for a set aside if the issues are not property charge related and are minor in nature.
      Reply to Michael
Margaret B.
February 25th, 2020

My husband and I recently sold a home and loan is paid off. We looked at our credit reports before getting approved to start looking for another home. We found that the payment for our home loan had been reported late for 24 consecutive months. It looks like a partial payment was applied to the principal on the loan instead of the payment amount due and through the payment off. I contacted the loan officer, due to our closeness he told me secretly that the quickest way to get it cleared up was to looked for a credit expert I told him I don't know anyone who could help me out then he introduced me to Tom who's a former Experian worker. I explained everything to him and he assure me he will help me get my credit fixed after we bot got an agreement, to my greatest surprised every debt on our credit was marked as paid, the 24 consecutive late payment had been corrected to on time payment. We applied for a home and we were approved. My question is If the loan officer didn't confide to us we wouldn't have got our credit Fixed which I'm pretty sure many Americans are currently in this situation
Reply to Margaret
- Michael Branson
  March 3rd, 2020
  
  Hello Margaret,
  
  Your Loan Officer may or may not have done you a service. The person with whom you signed an agreement (and to whom you presumably paid a fee) simply contacted the company and used the tools available to all consumers to clear your credit. I work in the mortgage business and I had a lender also report me late at one time when I actually had paid my mortgage in advance. I knew I would be traveling the next month so I paid the payment for the following month only about a week after the preceding payment. Instead of applying the payment to the next month's payment, the servicer applied the payment received as a principal reduction, which then caused the next one to be shown late. I too had this rolling late showing for several months before I became aware of the issue. I did not call the loan officer who originated the call. It took just a call to the servicing department to rectify the error and they corrected all reporting as well.
  
  The law regarding consumer reporting is definitely oriented to protect consumers (The Federal Credit Reporting Act). If you contact a creditor who is reporting bad credit erroneously and they do not correct false reporting, you have more recourse than ever before. We work with borrowers occasionally who have information on their credit report that is not valid and we give them information on how to contact creditors to remove the false reporting and I would always recommend borrowers follow that course of action before paying a credit company to do something that they can usually accomplish very easily on their own. There may come a time that borrowers need help and they may need to seek a professional but by and large, we have found that most creditors are more than willing to remove credit reported in error.
  
  If the creditor does not remove the information directly, there is also a law which I believe "Tom" from Experian relied upon which requires the credit bureaus to remove disputed credit items withing 30 -45 days if you make a formal dispute in writing (either online or through the mail) if they cannot substantiate the basis of the derogatory credit. Bureaus have a very difficult time, especially on closed loans, verifying payment histories in this time frame through the lenders and credit fixing companies have found that they can often just have the delinquent credit removed, even if the reporting was accurate due to the creditor's inability to respond in the window so the credit bureau must remove the reporting. However, if your loan is recent and you can contact the servicer yourself, you can most often have the credit removed on a mistake even more quickly and not have to pay the fee to a company who is just going to file the dispute on your behalf.
  
  If you believe you might have a problem with your credit, all borrowers can receive one free credit report annually from AnnualCreditReport.com. This site is the only site authorized by federal law to give consumers their free annual report so if you receive offers from other sources, I would recommend you ignore them as they may just be attempts to get your personal information including your social security number. I do not know what your agreement to have the credit removed ultimately cost you and you may be very happy with the service, but if you can do it yourself (and possibly faster) for no cost, I think it is worth the time and effort to give it a try before paying a service.
  Reply to Michael
Barbara J.
October 23rd, 2019

Does every reverse mortgage company require a borrower to leave 20 years' worth of homeowner's insurance payments (with) the lender, if the borrowers credit is poor?
Reply to Barbara
- Michael Branson
  October 23rd, 2019
  
  Hello Barbara,
  
  What you are describing is the Life Expectancy Set Aside or LESA (Lee-Sah) that is now required by HUD for borrowers in certain circumstances since they began their financial assessment guidelines in 2014.
  Rather than declining borrowers' access to the program when an unwillingness or inability to pay certain obligations in a timely manner is detected, HUD felt this would be a viable compromise that would still allow seniors access to the program while still protecting the program.
  Prior to making the changes, HUD saw a spike in borrowers who were not paying the taxes and insurance on their homes and they jumped to 10% delinquencies in this area (which means lenders and HUD must advance funds to make these payments).
  
  To answer your question directly, you can sometimes obtain a waiver to the requirement of the LESA if you can demonstrate that the credit issues were the result of something that was beyond your control and not likely to reoccur so long as you have not been delinquent in the payment of taxes, insurance or HOA payments within the past 24 months.
  In other words, if you had a death in the family or lost employment in the past that led to credit issues that you can substantiate and you have kept your housing obligations paid on time, you may qualify for a waiver of the LESA.
  If your credit issues include your mortgage and taxes in the past 24 months and/or extend over a long period of time, HUD is pretty clear what they expect for creditworthiness and no lender may be able to close the loan without a LESA, but you never know unless you get a second opinion.
  Reply to Michael
Debbie H.
September 18th, 2019

Can I get a reverse mortgage with a low credit score?
Reply to Debbie
- Michael Branson
  September 18th, 2019
  
  Hello Debbie,
  Reverse mortgages do not take credit scores into consideration. However, there is a financial assessment portion of the underwriting. It would depend on other areas of your payment history (house payments, property taxes, home insurance, etc.). I would invite you to visit our calculator to see what is available to you based on your particular circumstances and if you would like to go further, we can pull a credit report and tell you what we can do based on HUD requirements.
  Reply to Michael
Larry
September 18th, 2019

I have a reverse mortgage on my primary home. A friend wants me to be a co-signer for him to buy a home. Would my having a reverse mortgage knock me out to co-sign?
Reply to Larry
- Michael Branson
  September 18th, 2019
  
  Your reverse mortgage has no provisions about co-signing other loans. As long as that lender has no issues with your current financial obligations, it is acceptable.
  That's the factual answer. Let's talk also about the practical answer. Every loan for which you "co-sign" means you agree to make the payments or repay the entire obligation if your friend is unable or defaults. In my 40+ years as a lender, I've seen friends and family members who have lost relationships, financial solvency or good credit ratings from co-signing obligations they never expected to have to pay.
  My advice to anyone contemplating co-signing a loan is to ask yourself first if you can easily afford to pay the payment or repay the obligation for which you are co-signing and if not, think twice about doing it.
  Reply to Michael
Miguel M.
July 23rd, 2019

Hello Miguel,

I guess your answer depends on how bad "bad" is. HUD does require lenders to review credit and income now but if you have been good about paying all property charges in the past 24 months and your issues on your other credit are older and you have verifiable reasons why the causes were out of your control (loss of job, illness, death in the immediate, family, etc.), then we can usually get the loan to work for most borrowers. If you have been late on mortgage payments, taxes or insurance in the past 2 years, you would definitely be required to have a set aside to pay these charges in the future but if the rest of your credit is fairly decent, it would still be possible.

HUD has no minimum credit score requirement and they look at the total over-all picture. If you have had some issues but they are documentable that the reasons that caused them are in your past but you have not shown a total unwillingness to pay your obligations on time, I encourage borrowers to check it out. Just be honest with your lender from the start so that they can have you sign an authorization to run credit and give you an honest assessment before you spend money on counseling and an appraisal so you know what you can expect.
Do not tell them that you have paid all tax and insurance payments on time if you know you have not because that will show up when they get the HUD required documentation and you need to know from the start the actual numbers you can expect to receive from the loan. The HUD Financial Assessment rules are pretty clear but they do give lenders some room to work with borrowers if the circumstances warrant.
Reply to Miguel
- Michael Branson
  July 23rd, 2019
  
  Hello Miguel,
  
  I guess your answer depends on how bad "bad" is. HUD does require lenders to review credit and income now but if you have been good about paying all property charges in the past 24 months and your issues on your other credit are older and you have verifiable reasons why the causes were out of your control (loss of job, illness, death in the immediate, family, etc.), then we can usually get the loan to work for most borrowers.
  If you have been late on mortgage payments, taxes or insurance in the past 2 years, you would definitely be required to have a set aside to pay these charges in the future but if the rest of your credit is fairly decent, it would still be possible.
  
  HUD has no minimum credit score requirement and they look at the total over-all picture. If you have had some issues but they are documentable that the reasons that caused them are in your past, but you have not shown a total unwillingness to pay your obligations on time, I encourage borrowers to check it out.
  Just be honest with your lender from the start so that they can have you sign an authorization to run credit and give you an honest assessment before you spend money on counseling and an appraisal so you know what you can expect.
  Do not tell them that you have paid all tax and insurance payments on time if you know you have not because that will show up when they get the HUD required documentation and you need to know from the start the actual numbers you can expect to receive from the loan. The HUD Financial Assessment rules are clear, but they do give lenders some room to work with borrowers if the circumstances warrant.
  Reply to Michael
Mary H.
July 12th, 2019

Can a reverse mortgage be obtained with a poor credit rating? We need the money to pay off debts. We are both 71. My husband has a very good credit rating but I don't.
Reply to Mary
- Michael Branson
  July 12th, 2019
  
  Hello Mary,
  
  HUD does not have a credit score requirement, but they do look at overall credit and willingness to repay obligations. They look particularly closely at the history of all property charges including mortgages, taxes, insurance, etc.
  I think you should give us a shot because most borrowers are pleasantly surprised, especially when the lower credit score is the result of older items or non-property related credit.
  Reply to Michael
Martha C.
June 17th, 2019

I have 3 credit cards in collections. If I start paying payments on them, how long will it take to be considered to get an approval on my reverse mortgage?
Reply to Martha
- Michael Branson
  June 17th, 2019
  
  Hi Martha,
  
  That's a difficult question to answer without looking at your entire credit history and the entire package. Underwriters look at a loan like reading a story. Sometimes you can tell people what a hard and fast HUD rule is (i.e. HUD will not insure a loan on a 6-unit property under the HECM program) but sometimes you must read the entire story to know how it ends.
  Credit decisions are usually in that latter category and require a complete review. They may be able to do the loan now with a Set Aside to pay taxes and insurance but there may be other issues I can't see.
  
  Your best bet would be to go to our calculator and see what you could expect to receive under the program to see if the numbers work for you. If they do, then you can speak with a reverse mortgage specialist and tell them about your circumstances to discuss all the issues upfront.
  Many times, we can get an authorization for a credit report and take a look at the credit picture from the start and let you know what you will be working with and how it would affect your qualifications and your reverse mortgage proceeds if a Set Aside would be required. That way, there would be no surprises later after you had already paid for services such as an appraisal.
  Reply to Michael
Harold S.
May 24th, 2019

What credit score do I need for a reverse mortgage?
Reply to Harold
- Michael Branson
  May 24th, 2019
  
  Hello Harold,
  
  Reverse Mortgages do not underwrite using a minimum credit score for the HUD HECM loan. HUD is more interested in your overall credit profile and how you have paid your property charges over the past 24 months (taxes, insurance, any HOA, etc.). Even then, if there have been some issues, you can probably still get the loan but may be required to have a Life of the Loan Set Aside (LESA) to pay the taxes and insurance on the property.
  
  If a LESA is required, you would still be able to get the loan but would not have access to as much money. The good thing about a LESA is that you don't accrue any interest on any of the funds until they are actually used to pay your taxes or other charges, you never have to worry about paying these expenses again because the servicer does it for you and so you are never short funds around property tax time. I would encourage you to contact us and let us review your circumstances and we will tell you honestly where you stand.
  Reply to Michael
Terry
February 9th, 2016

I own my home outright but owe quite a bit in property taxes due to illness etc and a couple credit cards late on. Will I still be able to get a reverse mortgage.
Reply to Terry
- Michael Branson
  February 9th, 2016
  
  Hi Terry,
  
  If you have been delinquent on property taxes HUD will require that you have a Life Expectancy Set Aside (LESA) in order to pay your taxes and insurance, but that in and of itself will not prevent you from getting a reverse mortgage. The LESA will impact the amount of money that is available to you under the program and if you do not have adequate equity to fund the required LESA and take the funds you wanted from your reverse mortgage for other purposes as well, the LESA would take precedence.
  In addition, if you do not have adequate funds available in your reverse mortgage proceeds to fund the LESA and would be short to close based on the LESA requirement, then we are not allowed to close that transaction. So the combination of the delinquent taxes and credit coupled with the inability to fund the LESA ( or insufficient income) could prohibit the lender from granting the reverse mortgage under HUD's financial assessment guidelines.
  
  But now on the positive side, many borrowers love the prospect of the LESA! They don't have to pay the taxes and insurance on the property any more. With a LESA, the servicer will pay the taxes and insurance for them with the funds that are set aside from the loan proceeds. This lowers the borrower's monthly expenses if they normally pay the insurance in installments and borrowers never have to worry about those pesky tax installments coming due at a time when they can least afford them.
  Those proceeds are not considered borrowed and no interest is accrued on them until they are actually used to make the payments so interest does not accrue on the LESA funds until the servicer actually makes the payment to the tax assessor or the insurance company. Finally, at this time, there is no additional charge for borrowers with a LESA even though there is more work for the servicer so it's like having your own tax and insurance caretaker that you don't have to pay for and you don't have to worry about those expenses, they are always paid for you on time.
  
  The bottom line is that it pays to contact us and let us get the numbers for you and we can tell you how much the set aside will be based on your age and knowing the amount of your annual taxes and insurance. Contact our office and we can run those numbers for you and let you know how it works for you.
  Reply to Michael
  - Linda J.
    February 27th, 2020
    
    Would like to know if I qualify for a reverse mortgage. Have poor credit beginning last April due to death if my son, but have never been late on my mortgage, property taxes nor insurance.
    Reply to Linda
    - Michael Branson
      March 3rd, 2020
      
      Hi Linda,
      If your property charges are all on time with no lates and your only delinquent credit is all grouped around the time of the death of your son, your credit should not present an issue that would prevent you from getting a reverse mortgage. Please feel free to visit our calculator and check out how much you can expect to receive with a reverse mortgage based on your circumstances. Then if you like the numbers, we would be happy to go over the issues you think you might have with you to address them right up front. No pressure and no obligation.
      Reply to Michael

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