When applying for reverse mortgage for my parents, can we use my credit?

This is an excellent question, but the answer is probably not. One of the requirements of a Reverse Mortgage is that all of the borrowers need to be residing in the home AND must be aged 62 or older. Good credit is not a requirement for a Reverse Mortgage. Locate a HUD certified Reverse Mortgage Lender at HUD's link http://www.hud.gov/ll/code/llslcrit.cfm Once there, select the state of Texas and make sure the box "HECM" is checked. HECM is the acronym for a Reverse Mortgage. From the results list, scroll down and look for lenders that say "HECM: Yes."

Good morning/afternoon!The reverse mortgage does not have credit or income requirements. As long as they are 62 years of age or older and have sufficient equity in their home, they qualify. i just completed one for a gentleman in Austwell and it funds today. Would like to talk to you about it. I can be reached at 501-276-6786 or bfrench@topflitefinancial.com

Rory; your parents don't need good credit to have a reverse mortgage. It is currently not credit score driven. As a reverse mortgage lender I can tell you that the qualify factors are only that they are on title as the owners of record, they are at least 62 years of age, and that the property is in good condition. I am a local Dallas Direct Lender, if you need help just let me know.

I answer that question in detail in a short 2 minute video here: http://www.62andolder.com/qualify

The good news is credit is not a consideration when applying for a reverse mortgage. Your parents need to be 62 or older and have sufficient equity, but no credit or income necessary. WilliamAcres.com

The best answer in my opinion was given by Bert Carpenter. Unfortunately I can't do Texas so in this case you should find someone local. You should also Google the lender and make sure they don't have any bad reveiws on reverse mortgages because it can be very confusing. Alex

Rory- Several lender have just recently stopped providing RM, as Bank of America and Wells Fargo, due to new regulations making lenders accept more risk. As an example: The lender has to state in their opinion the borrower will have sufficient funds to pay their property taxes, insurance and maintain the property in good condition. (Loan Originators also may be held responsible. ) they must buy back and service the loan. For this reason I have also stopped originating RMs. .... If you wish to proceed I suggest you contact a Met Life RM specialist ASAP .... Best wishes, Rudi.

There ARE now additional financial evaluations that are to help the lender assess the ability of prospective seniors to pay their taxes and insurance on an ongoing basis. And while not "credit score" driven, payment history is reviewed. Many seniors who need a reverse mortgage to get out from under onerous mortgage circumstamces, or who got behind after the death of a spouse, may now be unable to qualify under some lenders new rules. However, check with the lenders and see how they have implemented the new evaluation rules.