The quick reply is sure, Condos, Villas, Townhomes, and Co-ops can qualify for reverse house loans? But there are some essential caveats.
Reverse Mortgages for Townhomes
When you acquire a townhome you private the land under that townhome and might qualify for a reverse mortgage mortgage.
HUD property wants
allow a single-household family or a two- to four-unit property with one explicit gadget occupied by the borrower to qualify for a reverse home mortgage.
Reverse Home loans for Villas
Identical as a townhome, while you purchase a villa you possess the land beneath that villa and might qualify for a reverse house mortgage. As in depth as you occupy the residence you possibly can qualify for a reverse home mortgage.
Reverse Home loans for Condos and Co-ops
It is additional sophisticated to qualify for a reverse property finance mortgage with a condominium or co-op. These types of qualities should be a HUD-permitted condominium undertaking or an particular person condominium gadget that fulfills FHA single-unit approved requirements. Most condos in Florida are usually not HUD-accredited.
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