There are changes pending in FHA regulation which could allow New York co-ops to begin counting for reverse mortgage loan qualification. Hearing about this, you may ask yourself why they didn't count already? And that might lead you to wonder whether there are other types of senior housing that don't count in the reverse mortgage lending market.
As was pointed out in a recent online article, there are certainly some homes that don'y qualify for reverse mortgage loans but most of them will as long as they are the primary residence of the reverse mortgage loan applicant.
Single-family dwellings should qualify without any problems. Townhouses and condos typically also qualify for reverse mortgages without questions. There may be some additional information required for manufactured homes, modular homes, mobile homes and multi-unit homes to qualify. Work with a finance professional if you seek to better understand whether or not your home will qualify for a reverse mortgage loan.
Question of the Day: What other types of homes should qualify for reverse mortgages?
