How can we be sure to get a good reverse mortgage that’s not a rip-off. ask your prospective neighbors to turn on their televisions and stereos to see if you can hear them inside the condo you’re.
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Proposed rule changes may open up reverse mortgages to more condo residents. If you live in a condominium and have been unable to obtain a reverse mortgage on your home, you may be able to soon take advantage of relaxed regulations.
You can get a reverse mortgage on a condominium, but it must be your principal residence. By Amy Loftsgordon , Attorney You can get a reverse mortgage if you own a condominium, as long as it is your principal residence.
Reverse Mortgage Calculator Find out how much money you can get with our free calculator. A reverse mortgage is a loan secured by your home. It allows you to access some of your home equity without having to move or sell.
– If you are thinking about taking out an fha reverse mortgage and you own a condo, that condo complex must be HUD approved before you can do so. A HUD approved condo requires the whole condo complex be approved by the Department of Housing & urban development (hud) before the reverse mortgage loan will be accepted.
Dear Robert, Yes, it is true that you need FHA approval of your condo association to obtain a reverse mortgage through FHA. To facilitate this, you may have to attend a board meeting and voice.
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Multi-family homes that contain up to 4 units, such as duplexes, triplexes, and quadruplexes, could qualify for reverse mortgage loans as long as one of the units is the main residence. Condominiums. Although there are some condominiums that may not qualify for a reverse mortgage, the majority of them could qualify.
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.
· Life in a condo can be relaxing and maintenance free. Often times those in condos think they cannot get a reverse mortgage because their condo is not currently FHA approved. In order to get a HECM (Home Equity Conversion Mortgage) reverse mortgage a condominium association has.