In the recent past, HUD has initiated several changes with all guidelines. Perhaps one of the most challenging has been the removal of spot condo approvals. Yet, there is still hope for those homeowners over 62, living in a condo, and looking for a reverse mortgage. Specifically, home owner associatiations can obtain HUD approved status by providing specific documents to the lender.
Should you be lucky enough to live in a site condo, congratulations, you will not need HUD approval. Despite the word "condo" in the name, a site condo is treated similarly to a standard single family detached home when it comes to reverse mortgages.
I bring this up because I have recently completed my 4th referral transaction in a site condo development named Elmtown East in Hammonton, NJ.
Have a great day and please be sure to review our updated reverse website: http://www.annie-mac.com/reverse or contact me 856-505-6603.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment