Financing in Naples>Question Details

Retired In F…, Home Owner in Naples, FL

Reverse Mortgage on a condo in Florida

Asked by Retired In Florida, Naples, FL Mon Nov 29, 2010

I am looking to get a reverse mortgage on my condo which has been paid cash. .
Does the condominium have to be FHA approved? I live in Florida.
I have also heard that if the condominium satisfies FHA regulations (without being on the approval list) it is possible to obtain a DELRAP or HRAP approval??
What is DELRAP and HRAP?!!
I would appreciate some input as there seems to be a lot of conflicting information out there (and scams?)

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Truliatracy’s answer
Hi Retired

The loan is safe and is Government-Insured by the Federal Housing Administration (FHA), a division of the Department of Housing and Urban Development (HUD). This loan was signed into law as a Government-Insured product by Ronald Reagan in 1988 and since its inception, it has helped hundreds of thousands of senior homeowners safely access the equity in their homes to help them better enjoy their retirement year.…………
7 votes Thank Flag Link Sat May 11, 2013
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