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Even if there are additional closing costs, the Mortgage broker in Melbourne will still beat a bank 's offer.One of the many advantages of reverse mortgages is that you do not need good credit to qualify.A reverse mortgage is one of the few home loans that can be granted with bad credit.
This will determine whether they have the financial ability to continue paying taxes and insurance premiums on the home by assessing their cash flow, financial obligations, and in some cases, looking at their credit history.The typical mortgage term today is 30 years, which means that most people are in their 50s or even 60s when their home is finally paid off.Ideally, this puts an older person in a better financial situation.Mobile homes or manufactured homes that are not on permanent foundations usually do not qualify unless a foundation is added.Some small multiple-unit buildings and condominium buildings may also qualify.Reverse Mortgages For Those With Bad Credit Good people can have bad credit.Unforeseen circumstances such as a job loss, serious illness or an accident can reek havoc on a person’s credit score.This means that they will need either to own their home outright or have an existing mortgage balance that can be paid off with the proceeds of the reverse mortgage. The home must be the primary residence of the loan applicant.In general, the total amount of the reverse mortgage loan will need to be less than 80% of the value of the home. Homeowners must continue to pay the taxes and insurance on their homes when they have a reverse mortgage. If a person moves to another residence or is in a medical facility for 12-months or more, the homeowner is no longer eligible for the reverse mortgage and the loan must be paid in full. Most reverse mortgages require that the property be a single-family home with a permanent foundation.However, even those who have had credit troubles in the past can apply and often qualify for a reverse mortgage.Unlike traditional mortgage loans that base eligibility solely on income and credit worthiness, reverse mortgages are available to those who have equity in a home and are 62-years of age or older. To qualify for a reverse mortgage, homeowners must have equity in their homes.