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can you get a reverse mortgage on a co-op in New Jersey

by suja1999675 from Somers, New York. Jul 4th 2016 Reply


Larry Gray (lgray_312_247)
#594 ranked lender in California - 1,139 contributions

Yes yet, I understand HUD has not yet included them in eligibility for reverse mortgages. There may be a portfolio lender or two coming out with co-op eligible reverse mortgages.There is no question you can obtain one for a condominium and a co-op is a less common means of ownership in many places and thus perhaps have not had enough clout to get HUD to reverse it's past decision not to include co-ops in the FHA insured reverse mortgage opportunities. There are many in our state of California. Those from here, Chicago area, New York, and Florida need to contact HUD and push them to include co-ops in their regulations for reverse mortgages!.There used to some available via portfolio lenders (banks and institutions underwriting their own unique loans). You may have to shop around as some portfolio lenders maybe already be returning to the reverse mortgage market and include co-ops.

Jul 5th 2016
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 8,479 contributions

Unfortunately, Co-op's are still ineligible for reverse mortgages.. As Larry stated, it's possible a portfolio lender might allow it, but as it sits right now.. FHA does not.. 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 NMLS# 226347

Jul 5th 2016
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Robert Reid (reid@gardencitymortgage.com)
#156 ranked lender in New York - 4 contributions

Doubtful. We are only licensed in New York.

Jul 4th 2016
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Robert Reid (reid@gardencitymortgage.com)
#156 ranked lender in New York - 4 contributions

It is very difficult to get conventional financing on Co-Ops and I have never heard of a reverse mortgage on one.

Jul 4th 2016
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Sara Deere (Saraloveshomeloans)
#39 ranked lender in Kansas - 533 contributions

Co-ops at this time are not allowed for reverse mortgages. One can buy a 4-plex and live in one and rent the other three with a reverse mortgage, because the 4-plex is still considered residential and not commercial.

Jul 5th 2016
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