Getting a Reverse Mortgage when you’ve had a Bankruptcy

Getting a reverse mortgage when you’ve had a BK is something that most people don’t know can be done. Regardless of the chapter of the BK all that is needed is a discharge. There are no seasoning requirements on the discharge either; meaning it does not matter how long ago the bankruptcy was discharged just as long as it was and there is proof of that.

We wanted to make sure and get the word out as there are many who don’t know and don’t ask because they figure they can’t get a new loan if they have had a Bankruptcy in the last few years. Not so with the reverse mortgage. As long as the BK has been discharged the loan will not be held up for that reason. It’s as simple as that. The underwriter may ask for nothing as the BK discharge normally shows up on the credit report or they may ask for the discharge papers from the court if it is so new that it does not reflect as discharged on the credit report.

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