Last week Congress gave the FHA authority to stabilize the Home Equity Conversion Program (HECM). Since HECM’s make up the majority of reverse mortgages this is something we need to watch carefully. The exact implementation of this “stabilization” is not clear, but if it’s anything like the stabilization efforts on the forward mortgage side we […]
Archive | Qualifications
Does a condo qualify for a reverse mortgage?
A condo in a HUD approved homeowners association (like Rossmoor) is qualified for reverse mortgage. Co-operatives are not eligible for a reverse mortgage according to HUD. From time to time there is a proposal to add Co-ops to the eligibility but as of today that is not the case. Single family homes both with and […]