23/02/2012 · Yes, all condominium projects must be HUD/FHA approved before a lender can take an application for a reverse mortgage on the home equity conversion mortgage (HECM or "Heck-um") reverse mortgage program. HUD used to allow lenders to do a "spot approval" and they could lend on units in projects that had not been approved with limitations, but the rules changed over 5 years ago …
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Can I get a reverse mortgage on a condo? If you’re considering a reverse mortgage for your condominium, there’s an additional step involved in the qualification process that in most cases will disqualify your home from consideration.
Hello Joan. We do take site condos. The main question is whether she is responsible for all of the insurance and maintenance of her home. If that answer is “yes”, she is likely eligible for a reverse mortgage without getting the whole condo complex approved.
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[[RUBATO]]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 (such as the FHA’s Home Equity Conversion Mortgage, as well as proprietary reverse mortgages) work.
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While no monthly mortgage payment is required with a reverse mortgage, borrowers are still responsible for remaining current on their homeowner’s insurance, property taxes and, if applicable, condo association dues. Borrowers who fail to pay these critical fees risk defaulting on the loan and foreclosure.
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If you use your condo for business and hope to qualify for a reverse mortgage, that may be another story. If the condo is used exclusively for business purposes, it is not going to qualify. And if more than 25% of the condo is used for business, then it is not going to qualify for any FHA loan program.