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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Truliatracy, Renter, United Amigos, Mesa, AZ
Sat May 11, 2013
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.
If u have any more question u can search

http://www.reversemortgagelendersdirect.com/illinois-reverse…
http://www.reversemortgagelendersdirect.com/hecm-reverse-mortgage/
http://www.reversemortgagelendersdirect.com/reverse-mortgage…
http://www.reversemortgagelendersdirect.com/hecm-programs/
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7 votes
Cbartko, Home Buyer, Chicago, IL
Fri Jul 1, 2016
NJ - I own a condo on a private drive, but is not fha/hud approved. Can I still get a reverse mortgage since it's a private drive?
0 votes
Cbartko, Home Buyer, Chicago, IL
Fri Jul 1, 2016
NJ - my condo is on a private drive but is not fha/hud approved. Am I still eligible for a reverse mortgage?
0 votes
Rchart1950, Home Buyer, Chicago, IL
Fri Aug 21, 2015
YES.
Condo must be HUD approved for ANY type of FHA loan or HECM reverse mortgage. Some condos have let their prior approval expire and have to 're-up' - the Condo board in exercise of their fiduciary duty to the homeowners should to that as it helps owners market their property and obtain the reverse mortgage.
0 votes
judyl2, Home Owner, North Miami Beach, FL
Tue Apr 28, 2015
can I get a reverse mortgage without my condo bldg. being FHA approved?
0 votes
Steve Stenger, , Chicago, IL
Tue May 17, 2011
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
Evelyn S. Fr…, Agent, Chicago, IL
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
yes they are related. You cant get one without FHA approval
Flag Tue Oct 1, 2013
Joe Schiller, Agent, Chicago, IL
Tue May 17, 2011
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
Nick Pirro, Agent, Chicago, IL
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
Really?? Well my mother's condo is not fha approved and she can not get a reverse mortage! So if you are stating she can we would love to know how!! Please call...Nancy @ 754-423-6707
Flag Wed Sep 21, 2016
THEN WHERE CAN I GET A REVERSE MORTGAGE WITHOUT FHA
Flag Wed Oct 28, 2015
I would like to speak with you if you can help me. Please call at 305-956-9220. My email address is judy;2@bellsouth.net. Thank you. You are the only person that I needed FHA approval.
Flag Tue Apr 28, 2015
well, help me out here. I am NOT a fha approved condo. What other option do I have to help my situation. I'm in CA. I sort of qualified for a reverse except of the FHA thing. thanks
Flag Fri Mar 27, 2015
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
Philip Sencer, Agent, Chicago, IL
Tue May 17, 2011
No. One has nothing to do with the other.
0 votes
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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