I'm bankrupt! Can I get a reverse mortgage?

Question

I'm bankrupt! Can I get a reverse mortgage?

Answer 1

I believe the age is 62

Answer 2

Reverse mortgages are for older people whose homes are paid off in full. The bank then assumes titles of your home and pays you for the home over time, much like the owner pays the bank. It's unlikely that you own your home free and clear or the bankruptcy court would probably sieze your home as an asset to pay your creditors. It won't hurt to ask but such income could mess up your bankruptcy. Now might be a good time to downsize your lifestyle and learn to pay cash instead of credit. Over time the bankruptcy marks will go away and hopefully you'll have cash in an account to buy things you really want or need in life. Bankruptcy is a very emotional time so keep yourself thinking clearly and don't punish yourself. You won't qualify for bankruptcy if you can truly afford to repay your debts. It's usually reserved for life altering events like divorce, layoffs, and medical disabilities. Be glad you have those laws to fall back upon but now isn't the time to gamble with the few assets you might have.

Answer 3

if ur old yes :)

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Answer 4

I think it depends on how much equity you have in your home. If you have a horrible FICO score but have $500,000 in equity I'm confident you could find a lender.  

Answer 5

only if you are over 65

Answer 6

If you are bankrupt, I doubt that you own your house.

You can get a reverse mortgage if

1) You own your house

2) You are over 65

Answer 7

reverse mortgages are for senior citizens

if you are a senior citizen, you cant get one if you filed bankruptcy because you will fail the credit check