Are you 62 years or older, because if so I can help you.
I am not sure there is a company that will lend you a 'Home Equity' loan with a credit score of 584. If you are over the age of 62, you may be able to qualify for a Reverse Mortgage (depending on the equity in your home). A Reverse Mortgage can be done no matter what your credit score is.
Your credit score is not high enough to get any type of loan... first or 2nd.. however, if you are 62 years or older, you can qualify for a reverse mortgage... with a reverse mortgage, you can either eliminate your monthly payment, or possibly receive a lump sum cash payment and/or monthly payments, or a combination of the two... The best advice I can give you is to contact a LOCAL mortgage broker, not the local "Big" bank, and certainly not one of those 50 states internet lenders...By applying with your LOCAL Broker, you have an advantage because he's familiar with local customs and works with numerous lenders, seeking out the best loan terms for your particular scenario. Because he has lower overhead, he can offer you lower rates and lower fees than most of the larger lenders.. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com
The WHY your score is so low is more important than what you score is. Work with a local Mortgage Banker/Broker to review your credit to see what simple steps you can take to get your score where it needs to be to qualify for financing. ~ Bert Carpenter, The LoansA2z team of NOVA Home Loans ~ NMLS 40586 ~ www.LoansA2z.com
Ask our community a question.