Jumbo reverse mortgages, specifically, are run by private lenders and are not FHA regulated. Because of this, requirements may vary from institution to institution. However, in general, reverse mortgages do not require any financial statements and income or credit score requirements. With HECM reverse mortgages, they are never required. This is because the borrower will not be making monthly payments to pay down the loan, so the lender doesn't need to make sure you have a monthly income. Instead, lenders will care a lot about you keeping the property in good condition, so the house can sell for its maximum value if/when the time comes to sell it.



Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.