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.
Two Homes On One Property: 7 Tips on Getting a Mortgage Under Uncommon Circumstances
Seven tips on getting a mortgage under uncommon circumstances will help you purchase two homes on one property. Purchasing a property with two homes may be a challenge when it comes time to get it financed. Since the value of a property is based on current prices of comparative homes on the market and sold homes, finding a comparable to compare to can be difficult with two homes on one property. Even appraisers find a property with two homes more difficult to valuate and if the property has outbuildings, even though they have value, may not be able to be included in the final valuation that will go to the lender.