Do I have to have good credit to qualify for a reverse mortgage?

My credit has been pretty bad as of late, especially since I stopped paying my credit cards for a while when I was without a job. I'm starting to catch up on my payments for that, but I still am interested in getting a reverse mortgage. Will I still qualify with bad credit?
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American Advisors Group | Phil Scott
The good news is that your credit score does not affect your eligibility for a reverse mortgage. There are no credit score requirements and you do not need to have a credit check to get a quote from AAG. Reverse mortgages are not repaid via monthly payments, so good credit is not something that we require. However, a credit report may be used during the process and will only be used to check any federal tax liens or other items present that may affect qualification. If you have any more questions about how reverse mortgages work, why not order a copy of our free educational DVD. It features Former Senator Fred Thompson and it's available via the link or phone number provided.

Disclaimer: The response above is not intended to be anything other than the educated opinion of the author. It should not be relied upon as financial advice. America Advisors Group recommends speaking directly with an AAG Reverse Mortgage Professional regarding your specific situation and needs. Please call 1 (800) 466-0572 to receive AAG's information pack with a FREE DVD and Brochure featuring Former Senator Fred Thompson.
Replied: 4/13/2011

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