What types of properties qualify for a Reverse Mortgage-Condos, Villas, Townhomes, or co-ops?
The short answer is yes, Condos, Villas, Townhomes, and Co-ops can qualify for reverse mortgages? But there are some important caveats.
Reverse Mortgages for Townhomes
When you buy a townhome you own the land under that townhome and can qualify for a reverse mortgage.
HUD property requirements allow a single-family home or a two- to four-unit home with one unit occupied by the borrower to qualify for a reverse mortgage.
Reverse Mortgages for Villas
Same as a townhome, when you buy a villa you own the land under that villa and can qualify for a reverse mortgage. As long as you occupy the property you can qualify for a reverse mortgage.
Reverse Mortgages for Condos and Co-ops
It is more difficult to qualify for a reverse mortgage with a condo or co-op. These types of properties must be a HUD-approved condominium project or an individual condominium unit that meets FHA single-unit approved requirements. Most condos in Florida are not HUD-approved.
If you would like to speak to a Reverse Mortgage advisor, give us a call (727) 784-5555. Or use our form below to ask a question.
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