Nova, Home Owner in Rogers Park, Chicago,...

does my condo have to be FHA approved in order to get a reverse mortgage?

Asked by Nova, Rogers Park, Chicago, IL Tue May 17, 2011

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The minimum age allowed for a reverse mortgage/ borrower is 62.HECM stand for Home Equity Conversion Mortgage. Loan to Value ratios on Reverse Mortgages are based upon these three factors: Home Value or FHA Lending Limit (whichever is least), current expected interest rate, and the age of youngest borrower. HECM Reverse Mortgage Loans are insured by FHA. You cannot get a reverse mortgage on investment property.Reverse Mortgages may be used as purchase money loans on a primary residence.Proceeds from a reverse mortgage may be used to buy a vacation home.Once you have a reverse mortgage and you are taking monthly payments - if you wish to change the method of payment you must Request a Change and Recalculation and pay $20. Reverse Mortgage Counseling is Mandatory, provided by HUD Approved HECM counselors, and must be completed prior applying for a reverse mortgage.
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7 votes Thank Flag Link Sat May 11, 2013
If your property is a condominium you absolutely need FHA approval of your condominium association in order to obtain a reverse mortgage through FHA. Since FHA is pretty much the best program for reverse mortgages you will need it if as I stated the property is a condominium.
My company, Condo Approval Professionals LLC, specializes in assisting condominium associations become FHA approved. We have over 16 years of national condo project approval experience. If you have any question, please contact me at (847) 293-2962 or by e-mail at steve@condo-approval.com.

Steve Stenger
President
Condo Approval Professionals LLC
0 votes Thank Flag Link Tue May 17, 2011
Nope, they are not related. However, reverse mortgage is for senior citizens. Hope you're in that category and it is a great way to receive some income.

Good luck!
0 votes Thank Flag Link Tue May 17, 2011
yes they are related. You cant get one without FHA approval
Flag Tue Oct 1, 2013
reverse mortgages are awesome.. they will appraise your property for a very conservative amount and allow you to withdraw a payment each month until you run out of equity..in a down market this might be a very good idea for an elderly person who has substantial equity.
Web Reference: http://www.joeschiller.net
0 votes Thank Flag Link Tue May 17, 2011
I am a former Lender, now an agent. You do not need to be FHA Approved to get a reverse mortgage.
0 votes Thank Flag Link Tue May 17, 2011
Nick, if you wish to assist a guy with a valuable condo in midtown Manhattan that is not on FHA approval list, please give me a call at 917-710-2881.

Jim Petzke
jimpetzke@hotmail.com
Flag Thu Jan 9, 2014
PLease call me, my number is 561 254 76719. My name is Michael
Flag Mon Jul 15, 2013
No. One has nothing to do with the other.
0 votes Thank Flag Link Tue May 17, 2011
you are wrong. I cannot get a reverse mortgage because my condo assoc will not apply for fha approval
Flag Wed May 14, 2014
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