A soft credit check helps us determine if borrowers qualify for the loan. It also helps determine whether borrowers can afford ongoing homeownership expenses such as property taxes and insurance.
Various laws and regulations require that borrowers complete a counseling session with an independent, HUD-approved counselor before applying for a reverse mortgage.
This article is intended for general informational and educational purposes only and should not be construed as financial or tax advice. For tax advice, please consult a tax professional. For more information about whether a reverse mortgage fits into your retirement strategy, you should consult your financial advisor.
