Reverse Mortgages with Bad Credit: What You Need to Know

Today we are going to discuss about Reverse Mortgages with Bad Credit and what an all you should be knowing regarding this. Reverse mortgages, also known as home equity conversion mortgages (HECMs), are unique financial products that allow homeowners, typically retirees, to convert a portion of their home equity into tax-free cash without having to sell their homes, give up ownership, or make monthly mortgage payments. Unlike traditional mortgages, where homeowners make payments to a lender, reverse mortgages work in reverse: the lender makes payments to the homeowner.

While reverse mortgages are generally available to homeowners aged 62 and older, creditworthiness does play a role in the qualification process. However, having bad credit should not deter prospective borrowers from considering this financial option. We will delve into how individuals with bad credit can navigate the reverse mortgage landscape, explore potential alternatives, and highlight real-life examples of those who have successfully obtained reverse mortgages despite credit challenges. But first, let’s begin with the basics.

1 What is a Reverse Mortgage?

Simply put, a reverse mortgage is a loan that allows homeowners to tap into the equity they’ve built up in their homes over the years. Unlike traditional mortgages, where homeowners make monthly payments to reduce their loan balance, reverse mortgages provide payments to homeowners, effectively turning home equity into a source of income. This income can be used for various purposes, including covering living expenses, healthcare costs, home improvements, or even vacations.

2 How Reverse Mortgages Work

Reverse mortgages work by converting home equity into cash through a loan structure. Instead of paying down the loan balance over time, as with a traditional mortgage, with a reverse mortgage, the loan balance increases over time. The loan doesn’t have to be repaid as long as the homeowner continues to live in the home as their primary residence, maintains the property, and meets other loan obligations.

Homeowners have several options for receiving the loan proceeds, including a lump sum, monthly payments, a line of credit, or a combination of these methods. These options provide flexibility in how the funds can be used to meet the unique financial needs and goals of the homeowner.

3 Purpose of a Reverse Mortgage

The primary purpose of a reverse mortgage is to allow homeowners, especially seniors, to access the equity in their homes to enhance their financial well-being during retirement. This financial tool was created to help address some of the financial challenges that retirees often face, such as inadequate retirement savings, rising healthcare costs, and the desire to age in place.

Reverse mortgages can serve multiple purposes, including:

1. Supplementing Retirement Income: For many retirees, Social Security and traditional retirement savings may not be sufficient to cover all their expenses. A reverse mortgage can provide an additional source of income, helping seniors maintain their quality of life.
2. Flexible Use of Funds: Borrowers can use the loan proceeds as they see fit, whether it’s for day-to-day living expenses, medical bills, home renovations, or even travel. The flexibility of a reverse mortgage makes it a versatile financial tool.
3. No Monthly Mortgage Payments: One significant advantage of a reverse mortgage is that it eliminates the need for monthly mortgage payments. This can significantly reduce financial stress for retirees on fixed incomes.
4. Tax Implications and Benefits: The proceeds from a reverse mortgage are typically not considered taxable income. This can be advantageous for retirees concerned about their tax liability.

4 Reverse Mortgages with Bad Credit: Can Someone still Qualify for this?

Creditworthiness does play a role in the eligibility for a reverse mortgage, but it’s not the sole determining factor. Traditional mortgages heavily depend on credit scores and financial history, but reverse mortgages are more focused on your home’s value and your age. In the case of a reverse mortgage, credit scores are considered, but they don’t carry as much weight.

Lenders primarily assess your ability to meet the ongoing obligations of the loan, such as property taxes and insurance. While they may look at your credit history, having bad credit alone may not disqualify you. The focus is more on your willingness and ability to maintain the property and meet financial responsibilities.

A. Alternative Ways to Qualify with Bad Credit

If your credit isn’t in the best shape, there are alternative methods to improve your eligibility for a reverse mortgages with bad credit:

1. Financial Assessment: Some reverse mortgage programs have a financial assessment that considers your credit history, income, and expenses. While a low credit score may not be an automatic disqualifier, it’s essential to demonstrate your ability to manage your finances and cover ongoing costs.
2. Paying Off Debts: If possible, consider paying off outstanding debts or working on improving your credit score before applying for a reverse mortgage. This can help strengthen your financial profile.
3. Non-Borrowing Spouse: In cases where one spouse has bad credit, consider having only the creditworthy spouse listed as the borrower. This can potentially improve your chances of approval.
4. Set-Aside for Taxes and Insurance: If the lender has concerns about your ability to cover property taxes and insurance, they may set aside a portion of the loan proceeds to ensure these expenses are paid. While this reduces the available funds, it can still provide financial relief.

B. Reverse Mortgages with Bad Credit: Real-Life Scenarios of Individuals

Real-life scenarios can shed light on the possibility of individuals who opt for Reverse mortgages with bad credit:

• Case 1: Sarah’s Credit Challenge: Sarah, a retiree with limited income and a history of credit issues, was initially concerned about her eligibility for a reverse mortgage. However, after a financial assessment, the lender determined that she could cover her ongoing expenses. She successfully obtained a reverse mortgage and used it to supplement her retirement income.
• Case 2: Michael’s Credit Journey: Michael had a low credit score but had made significant improvements over the years. By addressing outstanding debts and working on his financial situation, he was able to secure a reverse mortgage. This allowed him to age in place comfortably.

These real-life scenarios illustrate that while credit is a factor, it doesn’t always prevent individuals with bad credit from accessing the benefits of a reverse mortgage. Lenders consider the overall financial picture and the ability to meet obligations, making it a viable option for many retirees.

5 How is the Amount of the Reverse Mortgage Determined?

The amount of a reverse mortgage is influenced by several key factors:

1. Home Value: The primary factor is the appraised value of your home. The higher the value, the more you can potentially borrow. The Federal Housing Administration (FHA) sets lending limits based on geographic areas, so the location of your home also plays a role.
2. Age of the Youngest Borrower: The age of the youngest borrower or eligible non-borrowing spouse affects the loan amount. Generally, the older you are, the more you can borrow. This is because the lender anticipates a longer loan term.
3. Interest Rates: The prevailing interest rates at the time of the loan also impact the amount you can access. Lower interest rates typically allow for a higher loan amount.
4. Closing Costs and Fees: The costs associated with obtaining a reverse mortgage, including origination fees and mortgage insurance, are subtracted from the loan amount.

A. Calculation Methods for Determining the Loan Amount

The loan amount can be determined using different methods, including:

1. Principal Limit Factor (PLF): The PLF is a percentage that varies based on the factors mentioned above. It’s applied to your home’s appraised value to calculate the initial loan amount.
2. **Principal Limit: ** This is the maximum amount you can borrow initially. It’s calculated by multiplying the PLF by your home’s appraised value or the FHA lending limit, whichever is less.
3. Loan-to-Value (LTV) Ratio: The LTV ratio is another way to calculate the loan amount. It’s expressed as a percentage and is calculated by dividing the loan amount by the home’s appraised value or the FHA lending limit, depending on the situation.

B. Maximum Limits on Reverse Mortgage Amounts

There are limits to the amount you can borrow through a reverse mortgage:

1. FHA Limits: The FHA sets maximum lending limits for HECMs based on geographic areas. These limits are subject to change and may vary depending on the year.
2. Non-FHA Jumbo Reverse Mortgages: For homes with values exceeding FHA limits, non-FHA jumbo reverse mortgages are available. These may allow for higher loan amounts, but the terms and interest rates can differ.
3. Lender Policies: Individual lenders may have their own policies and limits for reverse mortgages, so it’s essential to shop around and compare offers.

Understanding how the loan amount is determined and the maximum limits in your area is crucial for prospective borrowers. This knowledge can help you assess how much you can potentially access through a reverse mortgage and plan accordingly.

6 What Are the Requirements to Be Eligible for a Reverse Mortgage?

A. Age Requirements for Borrowers

To be eligible for a reverse mortgage, borrowers must meet age requirements. In the United States, the minimum age for a Home Equity Conversion Mortgage (HECM), the most common type of reverse mortgage, is 62. This age threshold ensures that the borrowers are typically retirees who have substantial home equity. Younger spouses or non-borrowing spouses may also be included in the loan under specific conditions.

B. Property Requirements

The property that serves as collateral for a reverse mortgage must meet certain criteria:

1. Primary Residence: The home must be the borrower’s primary residence. It cannot be an investment property or a vacation home.
2. Eligible Property Types: Most single-family homes, some multi-unit properties (up to four units), and FHA-approved condominiums are eligible. Mobile homes and manufactured homes may also qualify under specific circumstances.
3. Property Condition: The property must meet minimum safety and livability standards. Lenders may require repairs or upgrades if the property does not meet these standards.

C. Financial and Income Requirements

While credit scores play a relatively minor role in reverse mortgage eligibility, other financial aspects come into play:

1. Financial Assessment: Lenders conduct a financial assessment to determine the borrower’s ability to cover property taxes, homeowner’s insurance, and other ongoing expenses. This assessment considers income, credit history, and expenses.
2. Income and Expenses: Lenders assess your income and expenses to ensure you can meet your financial obligations. You don’t need a specific income level, but you must demonstrate the ability to handle these costs.

D. Counseling and Education Requirements

Before obtaining a reverse mortgage, potential borrowers are required to attend counseling sessions. These sessions are essential for understanding the implications, risks, and benefits of a reverse mortgage. Here’s how the counseling process works:

1. HUD-Approved Counselors: Counseling must be provided by HUD-approved counselors who are trained to explain the intricacies of reverse mortgages.
2. In-Person or Over the Phone: Counseling can be conducted in person or over the phone, providing flexibility for borrowers.
3. Educational Content: Counselors cover topics such as loan options, costs, the impact on heirs, and alternative solutions.
4. Certification: Borrowers receive a certificate of completion after counseling, which is required for the loan application.

These requirements are in place to ensure that borrowers fully understand the commitments and potential risks associated with reverse mortgages. They aim to empower borrowers to make informed decisions.

7 What Are the Benefits of a Reverse Mortgage?

A. Supplementing Retirement Income

One of the primary benefits of a reverse mortgage is the ability to supplement retirement income. Many seniors face financial challenges during retirement, especially if their savings and pensions fall short of covering their expenses. A reverse mortgage provides a source of tax-free income, allowing retirees to maintain their lifestyle, cover medical costs, and enjoy a more comfortable retirement.

B. Flexibility in Using the Loan Proceeds

Reverse mortgages offer flexibility in how the loan proceeds can be used. Borrowers can use the funds for various purposes, such as:

• Home Renovations: Many homeowners use the money to make home improvements that enhance their quality of life or make their homes more accessible as they age.
• Debt Consolidation: Borrowers with outstanding debts can use the loan to pay off high-interest debts, reducing financial stress.
• Healthcare Expenses: Medical bills, including long-term care costs, can be a significant financial burden for retirees. Reverse mortgage funds can be used to cover these expenses.
• Travel and Leisure: Some borrowers choose to fulfill lifelong dreams, whether it’s traveling, pursuing hobbies, or simply enjoying their retirement.

C. No Monthly Mortgage Payments

Unlike traditional mortgages, reverse mortgages do not require monthly mortgage payments. This feature alleviates the strain of monthly financial obligations, making it a suitable option for retirees on fixed incomes. Instead of paying the lender, the lender pays you, providing financial relief.

D. Tax Implications and Benefits

Reverse mortgage proceeds are typically not considered taxable income by the IRS. This can be a significant advantage for retirees concerned about their tax liability. The loan is repaid when the home is sold, and any remaining equity goes to the borrower or their heirs. Borrowers should consult with tax professionals to understand their specific tax situation fully. Read more about the Tax Implications here.

E. Case Studies Showing How Reverse Mortgages Benefit Seniors

Real-life scenarios illustrate the concrete benefits of reverse mortgages:

• Case 1: Jane’s Home Renovations: Jane, a retiree, used a reverse mortgage to finance necessary renovations to her home, making it more accessible for her as she aged. This allowed her to continue living in her beloved home comfortably.
• Case 2: David’s Debt Relief: David had accumulated substantial credit card debt and was struggling with monthly payments. He used a reverse mortgage to pay off his debts, eliminating high-interest payments and reducing financial stress.
• Case 3: Susan’s Travel Dreams: Susan had always dreamt of traveling the world, but her retirement savings were insufficient to fulfill her goals. A reverse mortgage provided her with the funds to embark on her travel adventures and enjoy her retirement to the fullest.

These case studies underscore how reverse mortgages have positively impacted the lives of seniors, addressing their unique financial needs and aspirations. The benefits of flexibility, tax advantages, and relief from monthly mortgage payments make reverse mortgages a valuable option for many retirees.

8 Can the Borrower Lose Their Home with a Reverse Mortgage?

While reverse mortgages offer many benefits, it’s crucial to understand the associated risks. The most significant risk is that borrowers can potentially lose their homes under certain circumstances. Here are some key risks:

1. Failure to Meet Obligations: If borrowers do not fulfill their obligations, such as paying property taxes, homeowner’s insurance, and maintaining the property, the lender can initiate foreclosure proceedings.
2. Default on Loan Terms: If borrowers default on the terms of the loan, such as by permanently moving out of the home, the loan becomes due, and foreclosure may occur.
3. Negative Equity: Over time, the loan balance can grow, and in some cases, it may exceed the home’s value. When the home is sold, the proceeds may not cover the outstanding loan balance.
4. Property Condition: If the property falls into disrepair, the lender may require repairs, and failure to comply can result in foreclosure.

A. Safeguards to Prevent Foreclosure

It’s essential to highlight that there are safeguards in place to help borrowers prevent foreclosure:

1. Occupancy Requirement: To keep the reverse mortgage active, borrowers must continue to live in the home as their primary residence.
2. Property Maintenance: Borrowers are responsible for maintaining the property according to loan requirements. This ensures that the home’s value is preserved.
3. Financial Assessment: Lenders conduct financial assessments to ensure borrowers can cover ongoing expenses, reducing the risk of foreclosure due to defaults.
4. Non-Borrowing Spouse Protections: Non-borrowing spouses have safeguards in place to protect them from eviction if the borrowing spouse passes away.
5. Mandatory Counseling: The mandatory counseling before obtaining a reverse mortgage is designed to educate borrowers about the risks and responsibilities associated with the loan.

B. Real-Life Examples of How Borrowers Can Avoid Losing Their Homes

Real-life examples help illustrate how borrowers can navigate the potential risk of losing their homes:

• Case 1: Staying Informed: John, a reverse mortgage borrower, attended counseling sessions and remained diligent about understanding his obligations. He ensured his property was well-maintained, and his timely property tax payments protected him from foreclosure.
• Case 2: Non-Borrowing Spouse Protection: When Mary’s husband, a reverse mortgage borrower, passed away, she was protected from eviction due to the non-borrowing spouse safeguards. She continued to live in the home.
• Case 3: Managing Negative Equity: Charles had concerns about his loan balance eventually surpassing his home’s value. He and his financial advisor created a plan to manage this situation, allowing him to retain his home.

These real-life examples emphasize that proactive measures, responsible financial management, and understanding the loan terms are key factors in avoiding foreclosure and protecting one’s home with a reverse mortgage.

9 How is a Reverse Mortgage Different from a Traditional Mortgage?

Reverse mortgages and traditional mortgages differ in several fundamental ways:

• Payment Direction: In a traditional mortgage, the homeowner makes monthly payments to the lender to pay off the loan. In a reverse mortgage, the lender makes payments to the homeowner.
• Monthly Obligations: Traditional mortgages require borrowers to make monthly payments for principal and interest. Reverse mortgages do not have monthly payments, reducing financial strain for retirees.
• Loan Repayment: Traditional mortgages are typically repaid over time, reducing the loan balance. In contrast, reverse mortgages accumulate a loan balance that is repaid when the home is sold or the borrower no longer lives there.
• Qualification: Traditional mortgages consider credit scores, income, and employment. Reverse mortgages focus on age, home value, and financial assessments.
• Ownership: In a traditional mortgage, the homeowner gradually gains ownership as they make payments. In a reverse mortgage, homeowners retain ownership while accessing home equity.

A. Pros and Cons of Each Type

Both reverse and traditional mortgages have their advantages and disadvantages:

Reverse Mortgage Pros:

• No monthly mortgage payments
• Access to home equity without selling the home
• Tax-free income
• Flexible use of loan proceeds
• Homeownership retention

Reverse Mortgage Cons:

• Potential risk of home foreclosure
• Growing loan balance
• Costs associated with obtaining the loan
• Reduced inheritance for heirs

Traditional Mortgage Pros:

• Equity buildup
• Stable monthly payments
• Potential for property appreciation
• No risk of loan balance exceeding home value

Traditional Mortgage Cons:

• Monthly payment obligations
• Stringent credit and income requirements
• Hefty interest payments
• Possibility of foreclosure for non-payment

B. Scenario-Based Comparisons

To help readers grasp the differences, let’s consider two scenarios:

• Scenario 1 – Retirement Income: If a retiree needs additional income during retirement but doesn’t want to make monthly mortgage payments, a reverse mortgage can be a suitable choice.
• Scenario 2 – Long-Term Investment: If a young, working professional wants to invest in a property with the goal of building equity over time and potentially selling it for a profit, a traditional mortgage is the more appropriate option.

These scenario-based comparisons highlight that the choice between a reverse mortgage and a traditional mortgage depends on individual circumstances, financial goals, and life stages. Understanding the fundamental distinctions is essential for making an informed decision regarding mortgage options.

10 How is the Loan Repaid with a Reverse Mortgage?

Repaying a reverse mortgage is a crucial aspect to understand. The repayment process differs from traditional mortgages. In a reverse mortgage:

• Loan Repayment Timing: The loan becomes due when the borrower no longer lives in the home as their primary residence or fails to meet other loan obligations.
• Sale of the Home: Repayment typically occurs when the home is sold. The proceeds from the sale are used to repay the reverse mortgage balance.
• Home Equity Remaining: After the loan is repaid, any remaining home equity belongs to the borrower or their heirs.

A. Options for Repayment

There are several options for repaying a reverse mortgage:

1. Sale of the Home: The most common repayment method is the sale of the home. When the borrower moves out, passes away, or decides to sell, the home is sold, and the proceeds are used to repay the loan.
2. Heir’s Repayment: Heirs have the option to repay the loan and keep the home. They can do this through personal funds, refinancing, or other financial arrangements.
3. Refinancing: In some cases, borrowers or heirs may choose to refinance the reverse mortgage into a traditional mortgage to retain ownership of the home.
4. Deed in Lieu of Foreclosure: If the borrower is unable to sell the home or repay the loan, they can voluntarily transfer ownership to the lender through a deed in lieu of foreclosure.
5. Foreclosure: As a last resort, the lender may initiate foreclosure if the borrower does not meet the loan obligations or there is no other option for repayment.

B. Case Studies Illustrating Loan Repayment

Let’s explore a few case studies to illustrate the loan repayment process:

• Case 1: Sale of the Home: After living in their home for many years, a retired couple decided to downsize and move to a smaller residence. They sold their home and used the proceeds to repay their reverse mortgage, with the remaining equity becoming part of their retirement savings.
• Case 2: Heir’s Repayment: When Susan passed away, her children inherited her home with a reverse mortgage. They decided to keep the family home and used their own funds to repay the loan. This allowed them to preserve the home’s legacy.
• Case 3: Refinancing: John, who had a reverse mortgage, wanted to leave his home to his children. His heirs chose to refinance the reverse mortgage into a traditional mortgage to retain ownership of the property. This provided them with the flexibility to manage the loan and keep the home.
• Case 4: Deed in Lieu of Foreclosure: In some situations, borrowers may face financial challenges and be unable to sell the home or repay the loan. They may choose to transfer ownership to the lender through a deed in lieu of foreclosure, allowing them to avoid a formal foreclosure process.

These case studies demonstrate the various pathways to repaying a reverse mortgage, showcasing the flexibility and choices available to borrowers and their heirs.

11 Can the Borrower Refinance a Reverse Mortgage?

Refinancing a reverse mortgage is possible, although it’s a less common scenario compared to traditional mortgage refinancing. Here’s how it works:

1. Refinancing to a New Reverse Mortgage: Borrowers can refinance their existing reverse mortgage into a new one to access more home equity or take advantage of better terms, such as lower interest rates.
2. Refinancing to a Traditional Mortgage: In some cases, borrowers or heirs may choose to refinance the reverse mortgage into a traditional mortgage to retain ownership of the home.

A. When and Why Someone Might Consider Refinancing

Refinancing a reverse mortgage can be considered for several reasons:

1. Access to More Equity: Borrowers who want to access additional home equity may refinance to increase their available funds. This is especially beneficial if home values have appreciated since the initial reverse mortgage was obtained.
2. Lower Interest Rates: If interest rates have decreased since the original reverse mortgage was taken, refinancing to a lower rate can reduce the overall loan costs and potentially increase the borrower’s remaining equity.
3. Changing Needs: As borrowers’ needs change, they might consider refinancing. For example, if a borrower initially chose a line of credit but now prefers regular monthly payments, refinancing can provide that flexibility.
4. Preserving Homeownership: Heirs may refinance a reverse mortgage into a traditional mortgage to retain ownership of the home and pay off the reverse mortgage, allowing them to keep the property within the family.

B. Considerations and Challenges

Refinancing a reverse mortgage should be carefully considered, and borrowers should be aware of potential challenges:

• Closing Costs: Refinancing typically involves closing costs, which can be substantial. Borrowers need to assess whether the potential benefits outweigh these costs.
• Loan Limits: The maximum loan limits for reverse mortgages may impact how much additional equity can be accessed through refinancing.
• Eligibility: Borrowers must still meet eligibility requirements when refinancing, and their age, home value, and financial situation play a role.
• Traditional Mortgage Qualification: If borrowers or heirs choose to refinance into a traditional mortgage, they must meet the credit and income requirements of traditional mortgage lenders.
• Financial Advice: It’s advisable to seek financial advice when considering refinancing. A financial advisor or mortgage expert can help assess the feasibility and benefits of refinancing based on individual circumstances.

Refinancing a reverse mortgage can provide options for borrowers and heirs but requires careful consideration and a thorough understanding of the implications and costs involved. It’s a financial decision that should align with the specific goals and needs of the individuals involved.

12 What Happens if the Amount of the Reverse Mortgage Becomes Larger than the Value of the Home?

When the amount of a reverse mortgage exceeds the value of the home, it creates a situation known as “negative equity.” This can happen over time due to factors such as increasing loan balances and stagnant or decreasing home values. In this situation:

• Growing Loan Balance: With a reverse mortgage, the loan balance increases as interest and other fees accumulate. If the loan remains unpaid for an extended period, the balance can grow significantly.
• Stagnant or Decreasing Home Value: If the home’s value remains the same or decreases, it can lead to a misalignment between the loan balance and the home’s worth.

A. Consequences and Available Options

When a reverse mortgage reaches negative equity, there are several potential consequences and options:

1. Loan Repayment: The loan is typically due when the borrower moves out, sells the home, or passes away. In this case, the sale proceeds may not cover the full loan balance, and the lender may absorb the loss.
2. No Recourse to Heirs: Heirs are generally not responsible for repaying the negative equity portion of the loan. They can choose to sell the home and use the proceeds to satisfy the loan or let the lender take possession of the property.
3. Lender’s Recourse: In some cases, lenders may have a claim to the borrower’s other assets if the sale of the home doesn’t cover the loan balance. However, this can vary based on the specific terms of the loan and local laws.
4. Maturity Event: When a reverse mortgage reaches negative equity, it triggers a “maturity event,” which accelerates the repayment process. Borrowers or heirs have a specified timeframe to repay the loan.
5. Loss Mitigation Options: Some reverse mortgage lenders offer loss mitigation options to help borrowers or heirs manage the negative equity situation. These options can include selling the home to a third party for an agreed-upon amount.

B. Real-Life Examples and Outcomes

Real-life examples can provide insight into what happens when a reverse mortgage exceeds the home’s value:

• Case 1: Managed Sale: John had a reverse mortgage that reached negative equity due to interest accrual and a decrease in home value. He and his heirs decided to sell the home, using the proceeds to repay the loan. While there was no remaining equity, they avoided any personal financial liability.
• Case 2: Lender Absorbed the Loss: In some situations, when the sale proceeds don’t cover the full loan balance, the lender may absorb the loss and consider it the cost of doing business. Heirs are not held responsible for the negative equity.
• Case 3: Loss Mitigation Agreement: Susan’s reverse mortgage had reached negative equity, and she was unable to sell the home for its full value. Her lender worked with her to create a loss mitigation agreement, allowing her to sell the home for less than the loan balance. The lender agreed to waive the remaining debt.

These case studies illustrate the different outcomes and options when a reverse mortgage reaches negative equity. It’s essential for borrowers and heirs to be aware of these possibilities and to communicate with lenders to explore the best course of action.

Conclusion

Making financial decisions, especially when it comes to a reverse mortgage, is a significant step. It’s crucial to be well-informed, seek counseling, and carefully consider your unique circumstances and goals. Whether you have bad credit or not, a reverse mortgage can be a valuable tool when used responsibly.

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