I was hoping to get a reverse mortgage when I turn 62 in a few months. I live in century village, Deerfield beach FL and just heard they are now longe

Asked by withamlisa, Deerfield Beach, FL Mon Aug 12, 2013

longer allowing reverse mortgages here. Do you know anything about this-whether or not this info is accurate, etc
Thanks--Lisa Witham

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Thu Oct 3, 2013
The only thing I can think of that might be the problem is if you're located in a condominium community and the complex is not approved for FHA financing, the HECM reverse mortgage is insured by FHA so without that approval you cannot get a reverse mortgage. I would need more specifics regarding your community, what type of property, etc. to answer the question in further detail. Also, if you do live in a condo you can check this website which is on hud.gov so it's a legit help site and input your condo's information and see if it's approved. good luck.

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barbara_shaf…, Both Buyer And Seller, New York, NY
Tue Sep 17, 2013
A Florida reverse mortgage can help seniors who would like to stay in their home the financial security and piece of mind. In order to qualify for a reverse mortgage, a homeowner must be at least 62 years or older, live in their home, have enough equity in their home and the home be a qualified property type.

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