can i get a reverse mortgage in zip 11235?

Asked by Lee Haskel, Brooklyn, NY Fri Dec 28, 2012

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barbara_shaf…, Both Buyer And Seller, New York, NY
Mon Sep 16, 2013
You, and any co-borrowers, must be at least 62 years of age and should either own your home free and clear or have a low outstanding mortgage balance that can be paid off at loan closing with proceeds from the reverse mortgage. Your home must be a single-family residence or two- to four-unit dwelling. Condominium units are eligible in approved developments. You also must agree to accept mortgage counseling from a HUD-approved counseling agency. And family members are strongly encouraged to attend these counseling sessions and any meetings with your lender.……………
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Robert Paque…, Agent, Bayside, NY
Fri Dec 28, 2012
I don't see why not? Have you tried? Some common restrictions are Coops. So far no lender is willing to work with a Coop. Also you need to 62 or older. Must have little or no mortgage. Shop the fees.
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does it need to be hud approved or fha approved?11224 is a zone A I was told they will not approve flood zones.11235 is a flood zone but it has some FHA approved condos.I really wanted 11224 but I do not see any FHA approved condos.
Flag Fri Dec 28, 2012
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