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ARE CONDOS ALLOWED FOR REVERSE MORTGAGE

by frankensteigel237... from Royston, Georgia. Feb 3rd 2015 Reply


Michelle Curtis Loan Originator NMLS 401173 (EmbassyFundingLLC)
#2 ranked lender in New York - 2,237 contributions

Yes

Feb 3rd 2015
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Dave Metsker (DaveMetsker)
#38 ranked lender in Oregon - 2,317 contributions

Yes, as long as they are on the approved list. Your HOA will know if they have submitted the necessary paperwork to be approved.

Feb 3rd 2015
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Phil Dumouchel (PhilDu)
#1 ranked lender in South Carolina - 2,228 contributions

Condos can be difficult to finance under any mortgage program depending on the number of rental units, meeting insurance requirements, # of rental properties in the development, financial situation, etc

Feb 4th 2015
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Linda Wintersteen (Linda123)
#64 ranked lender in Arizona - 1,252 contributions

YES AND NO. it depends on the condo project, how many owners vs rentals, and the project needs to be approved. ARE you a town home or condo ? The way to tell, if you are a condo, is the third wall, ususally the back of the unit , is connected to another unit, like a apt , vs a patio home, is separate, but connected thru a fence .. etc linda yourloanpartnerforlife@live.com

Feb 4th 2015
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,571 contributions

YES

Feb 4th 2015
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,055 contributions

Yes.. So long as the development is FHA approved. If it is not, then it wont work and even if it is, there are some lenders out there that have more strict guidelines regarding Condos's since they pose a greater risk for the lender compared to a single family home. I'm a Broker here in Scottsdale AZ and I only lend in Arizona. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. William J. Acres, Lender411's number ONE lender in Arizona. 480-287-5714 WilliamAcres.com

Feb 4th 2015
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Chris Neuswanger (mtnmortgageguy)
#94 ranked lender in Colorado - 84 contributions

They must be on the FHA approved condo list, there is no specific list for reverse mortgages. Reverse mortgages are insured by FHA so the guidelines mirror FHA for a lot of things. If you go to HUD.gov and type in FHA approved condos in the search box it will take you to a search list to see if your condo is FHA approved. If not it is quite a chore and expense for the HOA to get it approved. Check out my RM web site: http://www.getareversemortgage.info to learn more, if you are in Colorado I would be please to assist you. Chris Neuswanger "The Mountain Mortgage Guy"

Feb 4th 2015
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Sean Young (SeanYoung)
#2 ranked lender in Colorado - 1,109 contributions

Yes, as long as your condominium complex is on the approved FHA list. You can check out the list here https://entp.hud.gov/idapp/html/condlook.cfmLook up the state and zip or state and city, don't use the name feature, then look at the far right to see if it is approved or not. You can also talk with a local loan officer to see if you qualify or not. Best wishes, Sean

Feb 5th 2015
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