It’s really no miracle that if it comes to making an application for a mortgage – if forward otherwise reverse – there are standards you will basic need certainly to see. As well as in the case from a classic ‘forward’ mortgage, probably the really overwhelming of those criteria is having an adequate credit score. Whatsoever, the better your credit rating, the greater favorable your loan terms are.

Exactly what do your credit rating suggest whenever applying for good opposite home loan? As label indicates, opposite mortgage loans possess some distinctions in comparison against the conventional pass mortgage counterparts – one of the greatest differences being the requirement for your own borrowing from the bank score within the securing the mortgage.

This data try compiled by credit bureaus instance Equifax, Experian, and you can TransUnion. Even though credit score criteria are different from the agency or borrowing from the bank-revealing institution, there are some standard assistance you to definitely dictate your own creditworthiness:

• An incredible number of 720 or better are thought “excellent” borrowing from the bank
• Results anywhere between 690 and you will 719 are thought “good” credit
• Results between 640 and you can 689 are considered “fair” credit”
• Many 629 otherwise all the way down are thought “poor” credit

So, precisely what does they imply if for example the credit score is, better – below excellent? Read More