You can get a reverse mortgage if you own a condominium, as long as it is your principal residence. reverse mortgages are not limited to single-family detached homes. Read on to learn more about how reverse mortgages-including the FHA’s Home Equity Conversion Mortgage, as well as proprietary reverse mortgages-work.
If the project is FHA approved, it is possible to get a reverse mortgage, but the other parameters you laid out for me in your question make me think that you will have other challenges as well. As long as the project is FHA approved, lender can do the FHA-insured loan in the project (although it still has to meet the lenders criteria as well.
because greater understanding about what a reverse mortgage entails often leads to disenchantment on the part of a client. “There are a variety of structures and therefore a variety of potential uses.
Purchase, refinance or get out of a foreclosure with an FHA (HECM) Reverse Mortgage.. currently lived in the home and had significant equity, they could get approved.. The borrower(s) pass away; The borrower(s) moves out of the home for 6.
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So, the shocking truth about reverse mortgage with condominiums is that even though you may not owe anything on your unit and you may meet the age requirements, the project may prevent you from being able to get a reverse mortgage. We see more projects being declined then approved at this time by about a 2 – 1 ratio.
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With these questions, the loan officer and the borrower can discuss whether it’s a good idea to get a reverse mortgage loan, and if so, if now is the time or if it would be better to wait.
I have been educating and answering questions for homeowners and their families about reverse mortgage programs since 1999. For so many homeowners age 62 and older, a Home Equity Conversion Mortgage (HECM) – also known as a reverse mortgage loan – could be a flexible and effective way to turn the equity you have in your home into funds you can use.
How to Get a Reverse Mortgage. A reverse mortgage is a loan that homeowners 62 years or older can take advantage of to access the equity in their homes. It is not a second mortgage-a reverse mortgage must be the only lien on the p.