Whether you are looking to repair your home or supplement your income during retirement, a reverse mortgage loan can help. However, there will be some extra steps you need to take when getting a reverse mortgage, which will make the process similar to applying for a traditional loan. A crucial part of qualifying for a loan is the assessment of the credit history of the borrower.

Reviewing Your Credit History

Your lender would assess your credit history as part of the financial evaluation and will need a credit report in order to document that history for all the borrowers.

However, not having a satisfactory credit doesn’t necessarily mean that your loan application will be declined. That rule was made by the Department of Housing and Urban Development.