If you live in a condominium, before you start making plans that include a reverse mortgage, you should know about the rules for condominium projects that have prevented many borrowers from being able to obtain a reverse mortgage.
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I am not aware of non-FHA reverse mortgages at this time. I can tell you from years of doing reverse mortgages that even though you may not have been approved with one lender, this does not mean another may not approve you. I have worked with private roads before, and alot of it has to do with the title company and lender you use.
Do you know that if you are 62 years or older you may be able to buy a house or a condominium using a reverse. for the difference between the amount of the reverse mortgage and the sale price..
For those living in condominiums, getting a reverse mortgage isn’t as simple as it is for most homeowners. If you live in a condominium, you will need to meet specific requirements and fulfill unique application procedures before acquiring a reverse mortgage. Let’s take a closer look at many of the most common regulations applicable to condominiums.
If you are looking to take out an FHA reverse mortgage against your condo or are looking to buy a retirement or vacation condo using an FHA reverse mortgage purchase loan, it’s important to know that the rules are completely different from fee simple properties (where you own the land in addition to the building).
Downsizing into a condo can also be easier for someone. option [as long as] there is enough equity to do it.” “Condo approval [remains] a huge issue,” says Mac Tennant, president of Access Reverse.
If your property is a condominium you absolutely need FHA approval of your condominium association in order to obtain a reverse mortgage through FHA. Since FHA is pretty much the best program for reverse mortgages you will need it if as I stated the property is a condominium.
What Is Mortgage Means Three siblings with special needs face $165K reverse mortgage bill – “Do you know what a reverse mortgage means?” said WINK News reporter erika jackson. “No,” Karryn said. A reverse mortgage is a loan secured over a residential property for seniors aged 62 and older..
A reverse mortgage can be a valuable solution for seniors who want to remain. least one unit occupied by the borrower, HUD-approved condominium projects. A reverse mortgage lead is where you can get names of people that are interested in getting a reverse mortgage. These leads should already have been screened to meet the criteria for a reverse.