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Unlike a traditional mortgage a reverse mortgage will not calculate the debt to income ratio nor require any income or asset information. 

It is a great program to help seniors stay or purchase a home.

The mortgage industry is changing everyday and we have seen subprime products go away.  Subprime were products for folks that did not meet conventional program guidelines.  Subprime products were volatile loan programs and typically with prepayment penalties and points. 

There are programs available to borrowers that do not meet conventional loan program guidelines.  There are FHA, VA and state sponsored programs.  These programs do have guidelines but are more flexible with credit and mortgage history. The interest rates are attractive and they are typically fixed rate products with little or no recapture costs. They have been around for a long time and the reason that many borrowers were not offered these products is because loan officers made more money with Subprime products. 

This is why borrowers need to work with an experienced mortgage planner that can share with them ALL their options. 

Please give me a call.