Expert: Joe Almirantearena - 10/1/2009

Question
My husband is 81 and I'm 60. We own/ed five properties.  Unfortunately, two we've had to let go into foreclosure.  In order to keep the other three, we moved into a 39 year old mobile home and rented out our primary residence so someone else can pay the mortgage we can't afford.  The other two properties are rented.  Question, when I'm 62, we wish to do a reverse mortgage.  We have bad credit now.  We may or may not be living in our former primary residence when I turn 62.  At that time, we wish to do the reverse mortgage on.  If it's a rental, can we do a reverse mortgage with our bad credit?  We can move back in too if necessary.  What are the rules?  Thank you so much for your service.  We're just trying to survive.

Answer
Without knowing more details about your particular situation, I cannot tell you whether you can or cannot do a reverse mortgage.  I do know that FHA,  which has the shortest timeframe, allows for a transaction after 3 years from the time of a foreclosure.  And FHA does offer an FHA reverse mortgage program.  Good Luck!

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