can you get a reverse mortgage on a townhouse

The money you receive from a reverse mortgage is yours, and can be used for. qualify for reverse mortgages as do single family homes, townhouses, 2-4 unit. If you use your condo for business and hope to qualify for a reverse mortgage, that may be another story. If the condo is used exclusively for business purposes, it is not going to qualify.

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A reverse mortgage is a special type of loan designed for homeowners age 62 or older that allows a borrower to convert a portion of their home equity into cash. You can get a reverse mortgage if you own a condominium, as long as it is your principal residence. reverse mortgages are not limited to single-family detached homes.

Mountain Mortgage Guy: Getting a reverse mortgage on a condominium requires planning ahead (column) – Typically you will need to put down 50 percent to 60 percent of the purchase price, and you can then get a mortgage for. insures conventional reverse mortgage loans, and as such, the FHA must.

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.

If you’re attempting to get a reverse mortgage through the federal housing administration, you can do so if you own a condo or a manufactured or mobile home, as long as you own the property and your.

If you get a reverse mortgage, that person won’t have any right to keep living in the home after If you own a house, condo or townhouse, or a manufactured home built on or after June 15, 1976, you may be To obtain a reverse mortgage, you can’t just go to any lender.

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I’m looking to buy a condo. or do I get a check at the beginning of the process for the full amount that I’ve paid, and then pay a monthly mortgage? I’m really interested in doing this. A: When you.

Can You Get A Reverse Mortgage On A Townhouse – Howtobuyreo – The Answers to Common Reverse Mortgage Questions – Yes, you can get an hecm reverse mortgage on a condo as long as the condo association is fha-approved. ineligible properties include: investment properties, vacation homes, co-ops and bed and.