FHA reverse mortgage Qualifications

can i get a reverse mortgage on a condoActually, there is nothing at all preventing a condominium owner from qualifying for a reverse mortgage through the FHA and HUD. Any property that meets all FHA property standards and flood requirements may be potentially eligible. This includes single family homes, condominium projects, and manufactured homes. You just need to live in a condominium which meets with HUD approval.

How do you figure out whether you live in a HUD approved condominium project? A good start is to visit this page, where you can search for HUD approved condos. See if the condominium you live in is listed there on that page. In order for a condo to qualify, it needs to contain at least two units. It must also be covered by hazard insurance, and it needs to meet all state and local laws regarding safety. A quick note to others: if you are reading this and are curious about mortgages for new condo purchases (not a reverse mortgage, like Dawn), this is where you should start searching for a condo to move into.

If you use your condo for business, that may be another story. If the condo is used exclusively for business purposes, it is not going to qualify. And if more than 25% of the condo is used for business, then it is not going to qualify for any FHA loan program. So if you run a business out of your condominium (in other words, you work at home), make sure that you have not dedicated more than 25% of your condo to your business. This should be the same percentage you write down when you calculate your taxes for the IRS. Additionally, state investor ownership may not be higher than 10%. Half the units must have been sold prior to the first loan endorsed by the FHA on the condo.

A number of different types of condominiums are banned from receiving FHA loans, including reverse mortgages. These include condominium hotels, houseboat projects, timeshares, and condos with a single unit.

If you live in a condo with two units or more, the condo is meeting all local and state regulations, and you are not using your condo primarily (that is the key word here) for business purposes, then there is a very good chance your condo qualifies for a reverse mortgage. There are other qualification guidelines which you personally will need to meet, but it is certainly worth the effort to apply, given that your condo meets the standards discussed above.

Whose allegedly behind the mortgage crash

2010-10-26 22:02:47 by 2bbcats

Hey folks things are crazy. There's an article from Life Magazine 1967 the Brazen empire outlining who'd be setting decent folks up in Preditory loans. This thing was launched and many agencies & officials nationwide played along. Youtube has a story entitled "DECEPTION" Whose allegedly behind the mortgage crash. I know this is going to make a great movie. Martin Scorcesse could play the guy who set this up. It appears folks have been lied to about what really happened and why folks are angry about the economy, businesses and foreclosures. The authorities who run financial institutions and agencies had to know

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  • Avatar janelle p Can someone get a reverse mortgage if they own more than one property?
    Jun 26, 2011 by janelle p | Posted in Renting & Real Estate

    Can someone get a reverse mortgage on the property they live in but still collect rent from others they have? I don t want to call one of these places because they are all 800 numbers, and I don t want to be bothered by them until I m more clear how these things work.

    • Reverse mortgages are not for people with assets. If you own rental property, why would you want a reverse mortgage?