There are now companies that are offering reverse mortgages independent of the FHA HECM Reverse mortgage program. At this time, we are aware only of Jumbo Reverse Mortgages having made a comeback, which are reverse mortgages designed for homeowners with homes above the $625,000 lending limit imposed on the HECM. Such programs typically do not deviate from the FHA property qualification criteria.
My experience has been while one lender may not approve a unique property another lender may. I have helped many Senior homeowners close there reverse mortgage after they have been turned down with another company.
We own a home with a tax assessed value of $207M with no mortgage. We moved a 2003 manufactured home unto the property but it was used before we moved it so it doesn't qualify under fha rules. We would like to see if we can get a nonfha loan on it. Can we do this?