Getting a Reverse Mortgage when you’ve had a Foreclosure or Short Sale

Many people who have had a foreclosure or short sale believe they can’t qualify for a reverse mortgage. That could not be further from the truth.

You can even qualify for an FHA reverse mortgage if you’ve had a foreclosure or short sale on an FHA loan. If a borrower has had a foreclosure or short sale on a non FHA loan there is no time limit. They can apply for a reverse mortgage any time unless they are using the HECM for purchase product, if that is the case there is a three year gap needed. If the reverse is being done on the home you already live in and own and your foreclosure was not on an FHA loan then there is no time limit. The same three year period is required for those who have had an FHA foreclosure regardless of the type of reverse mortgage being applied for.

It is important that people who have had a foreclosure or short sale know that they can still obtain a reverse mortgage.

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