HECM for purchase is the start for a comfortable retirement.
A Life Expectancy Set-Aside (LESA) May be required unless we can explain Multiple lates...
(LESA) is a pool of funds withheld from your total available reverse mortgage proceeds to pay for property and insurance charges throughout the estimated life of the loan.)
This means if the underwriter does not receive a good enough letter of explanation for derogatory credit then you will be required to bring an additional $100k to close for taxes and insurance.
Examples of explanations would be Hardship due to medical, Providing Doctor Costs/ conditions why we have derogatory credit and multiple lates.
Please USE EXTREME DETAIL for each Line Item on the credit report and create a letter of explanation.