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Yes, a reverse mortgage does not have credit requirements. you can use one to pay your way out of a bankruptcy, or one right after a bankruptcy. However, the bankruptcy court does have to approve the reverse mortgage if you are in the process of doing one or still paying on one.
Wiki User
∙ 12y ago
Wiki User
∙ 12y agoBut it would be unusual to own a property (certainly one with any value/equity) that could have been used to pay debtors in the BK.
Yes you can get a reverse mortgage after a bankruptcy if you have equity in the property. Various state homestead exemptions can protect equity in the primary residence. See related link for a state listing.
Wiki User
∙ 12y agoA reverse mortgage is typically unaffected by bankruptcy. Only in a case where you want to surrender the home would the bankruptcy court be involved on any mortgage product other than to dictate terms of repayment of defaulted payments. with a reverse mortgage there are no payments so that would not be an issue.
Anonymous
My bk 7 was discharged in Feb 2020. Can I get a reverse mortgage
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How hard is it to get a mortgage after chapter 13 discharge?
If you have just filed bankruptcy, you will not be barred from ever obtaining a mortgage loan; however, you will not be able to get one immediately. When you can get a mortgage after bankruptcy will depend upon the type of loan you want, the type of bankruptcy you filed, and how good your credit is at the time you want the loan.
What happens when someone you cosigned a mortgage for has filed for bankruptcy?
When you co-sign on a loan or mortgage for someone, you are promising to make the loan payments if they can't. When someone files for bankruptcy, they are claiming that they cannot make their payments. It would stand to reason that if someone you co-signed on a mortgage for files for bankruptcy that you would then be liable for making the payments.
Can you get a mortgage loan after chapter7?
Cn you get a mortgage loan for ahome if you filed chapter7?
Can you get a mortgage loan if you are in a chapter 13 bankruptcy?
If you are lucky, yes. But most likely, no lender will give you a mortgage loan if you are or have declared bankruptcy.
Can I get a mortgage loan of I have a bankruptcy?
Yes, it is possible to get a mortgage loan after bankruptcy. Be very care though, your interest rate could be considerably high.
If you filed chapter 13 bankruptcy 9 years ago will it come out if you apply for a mortgage loan?
of course it will, BKs are on a credit report for 10 years
Where can someone find information about getting mortgage loans after bankruptcy?
Quicken Loans has an excellent section on how to obtain a loan or mortgage after filing bankruptcy. Most debt consolidation centers and bankruptcy attorneys will have information or references for those seeking information on applying for a post-bankruptcy loan or mortgage.
What is a reverse mortgage for?
A reverse mortgage is for helping older people who might need money. A reverse mortgage is a type of loan for people over the age of 62 who are home owners and they can use this loan to pay for unexpected expenses.
What is reverse equity mortgage?
a reverse equity mortgage usually refers to a reverse mortgage, also referred to as a HECM loan. (Home Equity Conversion Loan). The key difference between a regular mortgage and a reverse mortgage is that no monthly mortgage payments are due on a reverse mortgage. A reverse mortgage also does not have credit or income requirements because there are no payments due. Qualification is based on age- minimum age 62- the value of the home and its location.
Your ex has filed bankruptcy and you are a cobuyer on the auto loan what will happen now?
You will be responsible for the loan payments
What is a ct reverse mortgage?
Ct reverse mortgage isn't a type of mortgage it is a reverse mortgage that takes place in the state of Connecticut. A reverse mortgage is a loan for senior homeowners that uses a portion of the homes equity as collateral. The loan generally does not have to be repaid until the last surviving homeowner permanently moves out of the property or passes away.
I am wondering what is the definition of a reverse mortgage?
The definition of reverse mortgage is when the bank takes out a loan based on your property. This is used for extending your mortgage beyond what it is now.
