 TITLE: Is a Reverse Mortgage Right for You? CONTENT: How Credit History Affects a Reverse Mortgage\n---------------------------------------------\nThere is no minimum credit score requirement for a reverse mortgage, primarily because the main thing lenders want to know is whether you can handle the ongoing expenses required to maintain the house.\nLenders will, however, look to see if you're delinquent on any federal debt. Also, if your credit history shows that you have a habit of not making payments or defaulting on debt, you may be required to set up what's called a Life Expectancy Set Aside (LESA).\nA LESA is essentially an account where you set aside a certain amount to cover property taxes and insurance costs, which the lender can use if you stop paying them. How much you'll need to deposit into a LESA is based on your credit and income, monthly property tax and insurance costs, and the life expectancy of the youngest borrower.\nBefore you start the application process for a reverse mortgage, get a copy of your credit report and score and look for anything that might make it difficult to get approved without a LESA. Address those issues, if possible. If you can't, look at your assets to determine whether you can afford a LESA or if you're better off looking into other alternatives. END