Condo owners age 62 or older may qualify for a reverse mortgage. This is a special type of loan that allows them to take cash out of their property without having to repay the loan until they move out, sell or die.

Currently, 90% of reverse mortgages are insured by the FHA. In order for a reverse mortgage to be made in a condo building, the entire association must be FHA certified. A new rule proposed in 2016 includes a provision that would allow condominium units to individually become eligible for FHA financing.

Public comment on the proposed rule closed on November 28, 2016. HUD is expected to address condo approval for reverse mortgages in early 2017. 

To read more, click here.

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