A Reverse Mortgage can be a great financial tool in today’s 62 and older population, allowing seniors to live a well deserved, comfortable life in the home they choose. When choosing the home to be financed with a reverse mortgage, there are restrictions on which type of homes could be financed.
Eligible Property Types for Reverse Mortgages:
- Single-family homes
- Planned Unit Developments (PUD’s)
- Two to four unit properties (one unit must be owner occupied)
- HUD-Approved Condos – Look up HUD approved condos here
- Manufactured homes built after June 15, 1976, with approved foundations
Ineligible Property Types for Reverse Mortgages:
- Second or vacation homes
- Boarding houses
- Bed and breakfasts
- Manufactured homes built prior to June 15, 1976, or on leased land
If you have questions about Reverse Mortgages, contact us today.