How long is the waiting period to get a reverse mortgage if I had a Chapter 7 bankruptcy?

If an FHA-insured loan was included in the bankruptcy estate, the borrower is not eligible for another FHA insured loan for three years from the date of the discharge. On a HECM used for a refinance: There is no seasoning or credit score requirements if you had a Chapter 7 bankruptcy, unless an FHA insured …

How long is the waiting period to get a reverse mortgage if I had a Chapter 13 bankruptcy?

The borrower must pay off any liens against the subject property and any federal debts. On a HECM used for a refinance: Liens must be paid off at closing with the HECM proceeds and the payoff letter from the trustee; or Provide the court order signed by the judge indicating the borrower does not need …

Will a reverse mortgage affect my social security or medicare benefits?

It is always advised to check with a tax specialist, however, in general, a reverse mortgage does not affect Social Security and/or Medicare. There are ways that a reverse mortgage could affect asset based benefits such as Medicaid. If you are on Medicaid, any reverse mortgage proceeds that you receive must be used immediately. Funds that …