HUD Approved Condos: Can You Still Qualify for a Reverse Mortgage?
Learn if a condo is eligible for a reverse mortgage and how to find out if your condo complex is HUD approved. There are so many things you need to think about when buying a home that it can make your head spin. However, if you’re nearing retirement and thinking about buying a home, that adds a whole new dimension to the home buying process and another whole list of things you need to think about as well. One of the things you can add to your list is buying a home with a reverse mortgage in mind. And if you are considering a condo as your next home, and a reverse mortgage is something you will at some point consider, you will also need to know whether or not your preferred condo is on the list of HUD approved condos. Yes, we realize this is probably all a bit confusing that’s why we are going to go over it in quite a bit of detail.
PMI Mortgage Insurance: Who Are The 7 U.S. Mortgage Insurers?
The 7 US mortgage insurers that provide private mortgage insurance (PMI) to lenders. Private mortgage insurance (PMI) insures the lender, not you when you buy a home with a down payment of less than 20 percent. It protects their interest in the event you default on your loan and is a requirement by lenders on loans provided to borrowers, with less than 20 percent as a down payment, toward the purchase of a home. So, essentially you are paying an insurer to protect the banks interest on your mortgage if your down payment is less than 20 percent because they are the ones taking the risk on your viability as a borrower.