 TITLE: What Is a Reverse Mortgage? CONTENT: What Credit Score Do I Need for a Reverse Mortgage?\n---------------------------------------------------\nYou don't need a specific credit score to qualify for a reverse mortgage. However, lenders will assess your finances to make sure that you can pay the costs associated with your home and still have enough to live on. They'll also review your credit report to make sure you're generally creditworthy. Specifically, they'll check for:\n*   Payment history for mortgage and installment loans for the last two years\n*   Revolving credit payment history\n*   Collections, charge-offs, judgements or delinquent FHA-insured mortgages\n*   Bankruptcies\nIf you are delinquent on any federal loans, you will not be eligible for a HECM. If your credit report shows that you have defaulted on debt in the past or that you frequently make late payments to creditors, the reverse mortgage lender may ask you to set up a Life Expectancy Set Aside (LESA) account to be approved. You'll put money into this account to cover the cost of property taxes and homeowners insurance. If at some point you aren't able to pay these costs yourself, your lender can tap into the LESA to do so.\nA LESA can add substantially to the cost of a reverse mortgage, so before you apply, be sure to check your credit report for anything that could make it difficult to get approved without setting up a LESA. END