Myth: Need prime borrowing to find home financing
As the you will be bringing paid back instead of the almost every other ways up to, your credit score isn’t the better sign of whether good opposite financial is right for you
Reality: When you are a top credit rating can replace your probability of providing accepted to possess home financing and you can protecting ideal words, discover mortgage apps designed for borrowers that have reduced-than-best borrowing from the bank. Myth: You would like a large down-payment purchasing a house. Reality: When you’re a more impressive downpayment can lower your month-to-month mortgage payments and help you stop personal financial insurance policies (PMI), discover applications readily available that enable certified buyers buying good house with a reduced down-payment, either as little as 3%, 1% or even 0% needless to say eligible consumers.