Can I get a reverse mortgage on my condominium?By Judy G. on 11.16.2018
HUD must approve condominiums to be eligible for the HECM reverse mortgage program. You can check the HUD website here to see if your project has been approved. The easiest way to use the site is to 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 support projects, but most borrowers find the most success with condo approval companies if they wish to pursue it still.
Because the process takes about 6 to 8 weeks after HUD receives all the documentation and most projects are not approved, most lenders will no longer undertake the condo approvals. The companies that work with HUD approvals are specialists in this area. They can tell you whether the project will meet HUD requirements before they submit the paperwork to HUD and usually will not charge borrowers for projects that cannot get HUD approval.
Please get in touch with us if you cannot find a company to help you with condo project approval and if 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.