Retirement Answers / Reverse Mortgages / Eligibility requirements for 3 unit condominium
  • 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.

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  • Categories: Reverse Mortgages, Retirement Planning

Answers

  • Raymond Denton

    Raymond Denton
    Reverse Mortgage Specialist

    Santa Ana, CA
    Not yet rated:  

  • 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
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