• Question
  • Eligibility requirements for 3 unit condominium

    Asked on 12/8/2009

    Eligibility for a reverse mortgage in a 3 unit condominium association in a historically registered house. It is located in Litchfield county, Connecticut. I have lived in this unit for approximately three years.

  •  
  • Categories: Reverse Mortgages, Coops and Condos

Answers

Toll Free 866-477-0404
  • Get a FREE 1-on-1 phone
    consultation with this advisor
  • If it's a condo, it needs to be FHA-approved. Hire a Loan Officer that knows the process to get it approved and you'll be able to get a Reverse Mortgage. Seems odd a 3 unit property is a condo. Are you sure it's not a PUD? Even PUD's have Homeowner Associations. And if it's a PUD, you won't have to worry about condo approval. Raymond

  • Login to rate this answer:   Answered on 11/21/2010
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.