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Do we qualify for a reverse mtg?


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My real question is; will I have to pay off the judgements first?[/U] (I tried to change the title of the thread, but couldn't).I added my DW to my warranty deed. I and I alone have two judgements against me. I live in Florida and the house can't be attacthed by non equity creditors. Here's my question: Will the Reverse Mtg company require the judgements to be paid from the proceeds?

I have spoken to RM reps and their position is "give us the application money

($500 approx) and we will see what the loan underwriters say".

I was born at night, but not last night. No guarantee, no money.

I called the Corporate office, i.e. Bank, and their response was, fill out the app, send in with the fee and we will take a look.

It's a fairly straightforward question and I am hoping to get an answer from this board, even if it's not what I want to hear....Thanks, rabbit

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I own half of a mortgage firm that does reverse mortgages. I called our senior loan manager and asked him your question. Here was his answer from the Reverse Mortgage guidelines:

"Borrowers with judgments can also secure a Reverse Mortgage, but all judgments must be paid at time of closing from the Reverse Mortgage proceeds. (These will be paid from the Reverse Mortgage proceeds and not out of pocket.)"

Hope this helps

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