Is it possible to still get a reverse mortgage loan with bad credit?

Is it possible to still get a reverse mortgage loan with bad credit?
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1 Answer

Answer :

You can get reverse mortgage, but you must also realize that if you pass away or sell your house you do not get all of the money. They will take it and all the interest that goes with it.
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Related questions

What is a reverse mortgage loan, and where can I get one?

Description : What is a reverse mortgage loan, and where can I get one?

Last Answer : A reverse mortgage is a type of (lifetime morage) for people the ages of 62 and over. It allows the homeowner to access a portion of their equity. I was always told it wasent a good idea.

A legal agreement between the lender and borrower where real estate property is used as a collateral for the loan is termed as ________ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Description : A legal agreement between the lender and borrower where real estate property is used as a collateral for the loan is termed as ________ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

Last Answer : A. Mortgage Explanation: A loan that is secured by property or real estate is called a mortgage. In exchange for funds received by the homebuyer to buy property or a home, a lender gets the promise of that buyer to pay back the funds within a certain time frame for a certain cost.

What are some FHA mortgage requirements and how does credit affect the amount of loan you are able to get?

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Last Answer : Some FHA mortgage requirements are being employed and having a decent credit score. Your credit doesn't affect the amount you can be loaned as much as how much money you make.

if i have a loan at simple intrest of 16.99% and i wanted to pay off the loan in cash today would i still have to pay 11,000 or would a large amount of the intrest fall off just like a mortgage. citi finance tells me intrest payoff and cash payoff equa?

Description : if i have a loan at simple intrest of 16.99% and i wanted to pay off the loan in cash today would i still have to pay 11,000 or would a large amount of the intrest fall off just like a mortgage. citi finance tells me intrest payoff and cash payoff equa?

Last Answer : This link shows all shelter in Texas. http://www.homelessshelterdirectory.org/texas.html

How do you refinance mortgage w/ bad credit now after finances change do to lost of job 2 years ago. found knew job about 3 month after but pays less.Asked about modification w/mortgage company said they don't participate. ?

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Last Answer : Just because your mortgage company say they don't refinance does not mean you should stop. Make a list of the places that do participate and apply there to see if you can get the help you need.

How does having bad credit affect my mortgage payments?

Description : How does having bad credit affect my mortgage payments?

Last Answer : If you have bad credit you will not only have a hard time getting a loan, but you will be charged a higher APR. As a result, your mortgage payment will be higher than if you had good credit. If you ... of being denied a loan until bad debts are taken care of and even then you may have a higher rate.

Can I get a Federal Housing Administration (FHA) mortgage if I have bad credit?

Description : Can I get a Federal Housing Administration (FHA) mortgage if I have bad credit?

Last Answer : Federal Housing Administration guidelines require a minimum credit score of 620, two years since the last bankrupcy and three years since the last foreclosure. Individual lenders may have more strict requirements.

How can I get a mortgage with bad credit?

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Last Answer : It is very difficult to get a mortgage with bad credit. You will probably first have to raise your credit score.

What is the difference between a reverse mortgage and a standard mortgage?

Description : What is the difference between a reverse mortgage and a standard mortgage?

Last Answer : answer:Simply stated, mortgage is a loan to purchase a house, which is paid off over many years and costs many thousands af dollars in interest over the life of the loan. Once the mortgage is completely ... monthly payments, and the loan is paid off when the borrower dies or moves out of the house.

Once denied a reverse mortgage, can you apply again through another bank?

Description : Once denied a reverse mortgage, can you apply again through another bank?

Last Answer : I don’t see why not. Each bank makes their own decision on weather to lend or not. That doen’t mean they’ll make a different decision though.

reverse mortgage

Description : reverse mortgage

Last Answer : Find out here > http://ww2.reverseourmortgage.com/022/?ab_id=t0024_n2&mktsid=RoMsmbing08102010ms811&kw=Reverse%20Mortgage

Reverse Mortgage Calculator?

Description : Reverse Mortgage Calculator?

Last Answer : Reverse Mortgage CalculatorUse this calculator to help determine the balance of a reversemortgage. This calculator is specifically designed to show you howthe outstanding balance of a reverse mortgage can rapidly grow overa period of time.

Is a Reverse Mortgage Safe?

Description : Is a Reverse Mortgage Safe?

Last Answer : Taking out a reverse mortgage is easy. The requirements are few and the sum of money you can borrow depends on your age and the unpaid balance of the original home loan. The reverse mortgage loan will be ... that a reverse mortgage is not as safe as it sounds.1. Understand that to qualify for a

Can you describe to me what a reverse mortgage is?

Description : Can you describe to me what a reverse mortgage is?

Last Answer : A reverse mortgage is an instrument that uses the equity in a senior citizen's house to provide him or her with income. Once the homeowner dies, the lender gets the house.

What is a HUD reverse mortgage?

Description : What is a HUD reverse mortgage?

Last Answer : A HUD reverse mortgage is a low-interest federally regulated loan that allows senior homeowners to convert a portion of the value in their home into tax-free cash. You can apply for one through an insurance company.

Where can I find a good reverse mortgage broker?

Description : Where can I find a good reverse mortgage broker?

Last Answer : MetLife Bank provides a lot of great information on reverse mortgages, including how to find a reverse mortgage broker. By simply providing your information, MetLife will send you an informational kit which includes a video.

What is a reverse mortgage broker?

Description : What is a reverse mortgage broker?

Last Answer : A reverse mortgage broker is someone who assists to qualify homeowners to borrow money against the value of their home. The mortgage payment is deferred until the homeowner dies or the house is sold.

What are the reverse mortgage scams taking place today?

Description : What are the reverse mortgage scams taking place today?

Last Answer : Yes, there are reverse mortgage scams, as well as regular mortgage scams. You need to be careful who does your reverse mortgage, so you do not get scammed

Where can I find out about reverse mortgage financing?

Description : Where can I find out about reverse mortgage financing?

Last Answer : Reverse mortgage financing is where you are paid per month and when the house is sold you then pay back all the money that was borrowed. In order to get more information about reverse mortgages ... local credit union or bank. If you are searching on-line check with your current mortgage provider.

What exactly is a reverse mortgage?

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Last Answer : A reverse mortgage is actually an equity loan. You don't have to actually pay it until you yourself lose custody of the house - when selling, in which you use the money gained to pay it off, after you die, in which the heirs pay it off, etc.

What is the formula for calculating a reverse mortgage?

Description : What is the formula for calculating a reverse mortgage?

Last Answer : Getting the reverse mortgage on your home entails finding the area the home is located, the amount of the mortgage owed on the home, and the estimate of the home value. It usually helps elderly clients if their home value is significantly more than the mortgage owed, if any.

How can one most easily benefit from reverse mortgage marketing?

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Last Answer : Reverse mortgage is a loan provided to a home owner with payments provided based on home equity. The best way to benefit from this would be for a retired person or couple who might have high equity paid up with low mortgage balance. This would afford them to lower the monthly payments significantly!

Where can I get a reverse mortgage and more facts on it?

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Last Answer : In order to get more in depth or detailed facts about reverse mortgage you will probably want to consult your mortgage broker. They will be able to give you up to date and factual information. Most ... that you need, but some websites such as hud.gov should help you with any questions you have.

Where can I find information about american reverse mortgage.?

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Where can I learn about liberty reverse mortgage?

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Last Answer : You can learn about liberty reverse mortgage from any local tax consultant or by finding it on a website which deals specifically with liberty reverse mortgage.

How do you define reverse mortgage?

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Reverse mortgage senior citizens?

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Last Answer : A reverse mortgage is an additional loan taken out against the equity already paid into your home. To qualify for a reverse mortgage you must be aged 62 to older and occupy the home as your primary residence.

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Last Answer : A reverse mortgage is for older individuals to borrow against their homes. This allows them to not have to sell there home and the bank to make monthly payments to the owner.

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Does WellsFargo offer training on how does a reverse mortgage work?

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Description : A financial product which provides senior citizens with funds against their home equity is referred as _______ A. Mortgage B. Reverse Mortgage C. Repossession D. Refinance

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What does a mortgage loan officer do exactly?

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How many days does it take a bank to tell you if you have been accepted for a mortgage loan?

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What is a good place to get a co-op mortgage loan?

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Would today be a good time to lock into an interest rate on my home mortgage? I am getting out of an interest only, variable loan and need to know if now is the time to pull the trigger?

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Which of the following that’s because possibly be forgiven under Chapter 7 bankruptcyalimony, a mortgage, a student loan, child support?

Description : Which of the following that’s because possibly be forgiven under Chapter 7 bankruptcyalimony, a mortgage, a student loan, child support?

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Can I take a loan with a mobile mortgage ? I need some money for a visa. I told one , you give me so much money with my mobile. If I can do my job then you will take the mobile. And if it doesn't work, I will pay all the money in three months. Is this type of transaction permissible ?

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Last Answer : This type of transaction will not be permissible. Because it is not permissible to get any benefit from the borrower in return for the loan. That includes interest. In the case in question, ... bin Masood agreed. That said , the conditional contract involves interest. (Sahih Ibn Hibban 1053)

FHA Mortgage Loan Calculator?

Description : FHA Mortgage Loan Calculator?

Last Answer : FHA Mortgage Loan CalculatorUse this calculator to determine the maximum FHA mortgage that would be allowed for your home purchase and an estimate of your required downpayment and closing costs. This ... . Then use the calculator below to determine the required downpayment and FHA mortgage limit.-

Mortgage Loan Calculator?

Description : Mortgage Loan Calculator?

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what type of grant would help to pay off about $35,000 mortgage loan for senior citizens?

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Last Answer : what type of grant would help to pay off a mortgage of about $35,000 loan for senioir citizens?

can i get a loan to fix my house and not take out second mortgage?

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Last Answer : can i get aloan to fix my house without taken a second mortgage out

How can I pay my mortgage loan on-line?

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Last Answer : “How can I pay my mortgage loan on-line?”

How do I go about getting a title loan so I can make a mortgage payment?

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Last Answer : You will find auto title loan companies in your community. Take the title to your car with you and talk to them about a loan. Your car title will be your security for repaying the debt. Just be ware if you do not, they can repossess your vehicle.

Does a mortgage pre approval guarantee a mortgage loan approval?

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Is an FHA loan a type of government mortgage assistance?

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Last Answer : Yes, an FHA loan is a special program for first time home-buyers. It offers you a first time home buyer credit and is a form of government assistance.

What are the FHA loan requirements for mortgage insurance?

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Last Answer : The FHA, or Federal Housing Administration, provides mortgage insurance on loans made by FHA-approved lenders. FHA insures these loans on single family and multi-family homes in the United States ... properties since 1934 when it was created. Learn more about FHA loan requirements and guidelines.

__________ is a transfer of property to its real owner, once the loan or mortgage is paid off. A. Reconveyance B. Repossession C. Recurring Billing D. Revalidation

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