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I live in a condo, are there any special requirements that are required?

By Judy G. on 11.16.2018

Hello Judy,

Condominiums must be approved by HUD in order to be eligible for the HECM reverse mortgage program.  You can check on the HUD website here to see if your project has been approved.  The easiest way to use the site is to first type in your zip code and then all projects approved in your zip code will appear, then you can look for your project.  If your project is not approved, you can check to see if you can find a lender that will still work to approve projects, but most borrowers find the most success with condo approval companies if they wish to still pursue it. 

Because the process takes about 6 to 8 weeks after HUD receives all the documentation and most projects are not approved, most lenders will not undertake the condo approvals any longer.  The companies that do work with HUD approvals are specialists in this area and can tell you whether the project will meet HUD requirements before they ever submit the paperwork to HUD and they usually will not charge borrowers for projects that are not able to get a HUD approval. 

Please check back with us if you are unable to find a company to help you with condo project approval and you would like us to recommend a couple.  We are not affiliated with any companies that perform this function but usually know of several and would be happy to give you some contact information if you need it.

 

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