Besides the age requirement for any and all borrowers on the loan, there's another qualification you need to get a Reverse Mortgage loan. You must be an owner and reside in one of the following types of properties:
- Single-family homes
- Duplex, 3-unit, or 4-unit
- FHA-approved condo
Luckily, the FHA has a helpful and easy-to-use search feature on their website that can be used to look up FHA-approved condos.
You can visit the site here:
https://entp.hud.gov/idapp/html/condlook.cfm
To get specific results, enter as many search terms as possible: city, state, and zip code, or even your condo name or ID number, if you have it. (You may also want to ask the management team for your condominium project for information about FHA approval status.)
"What if my condo isn't FHA approved?"
The process to have condominiums approved by the FHA can be lengthy and complex, and is generally taken care of by management, not individual condo owners.
Need help figuring out your condo approval status?
E-mail me at ed.ramos@fpfmail.com or call me at (510) 610-5223. I'm happy to help you in any way I can.
