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Should the lender obtain a credit report for non-borrowering spouses?

April 26, 2017credit report Lender obtain spouses

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Should the lender obtain a credit report for non-borrowering spouses?

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Yes. Although one spouse will become the HECM mortgagor, the lender must obtain the credit report for a review of financial obligations, monetary judgments and liens that could jeopardize the HECM lien status/clear and marketable title.