Former Maryland Gov. Martin OâMalley has the support of just 2 percent of Democrats, while former Virginia Sen. Jim Webb â who exited the race this week â was at 1 percent, along with former Rhode Island Gov. Lincoln Chafee.
This is false since reverse mortgages are non-recourse loans. The only time a lender recovers his investment is when the home is sold or refinanced. You do not need a clean credit report to apply for a reverse mortgage. You can even have a small outstanding balance on your mortgage and still qualify.Even with different quotes, an HECM reverse mortgage is still the same: it is a multiple purpose loan that you can use as you wish.An HECM lender will not even look at your credit report.his is false since reverse mortgages are non-recourse loans. The only time a lender recovers his investment is when the home is sold or refinanced. You do not need a clean credit report to apply for a reverse mortgage. You can even have a small outstanding balance on your mortgage and still qualify.
If youâre 62 or older â and want money to pay off your mortgage, supplement your income, or pay for healthcare expenses â you may consider a reverse mortgage. It allows you to convert part of the equity in your home into cash without having to sell your home or pay additional monthly bills. Interest is not tax deductible each year. 2  Interest on reverse mortgages is not deductible on income tax returns â until the loan is paid off, either partially or in full. 3  You have to pay other costs related to your home. 4  In a reverse mortgage, you keep the title to your home.