Home Loan Program Definitions - Reverse Mortgage Loans

Credit Profile 3

Reverse Mortgage Loans

The reverse mortgage program is a government-designed program for seniors and has no credit requirement. The program is open to borrowers at least 62 years of age; if the home has more than one owner, the youngest owner must be at least 62. A reverse mortgage provides payment to the borrowers either in the form of monthly payments or as a line of credit. Your home must be appraised and approved for this program; upgrades may be required to meet HUD safety standards. The mortgage does not have to be repaid until your home is sold. The home must be sold within six months of it no longer being the primary residence of both borrowers.

Detailed Information (Credit Categories)

Credit Profile 1: Good Credit, Fair Credit, and Poor Credit
Credit Profile 2: Excellent Credit and Good Credit
Credit Profile 3: Reverse Mortgage Loans

General Loan Program Descriptions

Cash Out Loans
Consolidate Debts
Mortgage Options for Self-Employed
Home Purchase Mortgages
Bad or Imperfect Credit Mortgages
Mortgage Refinancing

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