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.
What Happens When Your Loan Is Sold?
Once you close on the home, it’s common for your loan to be sold. Don’t worry, this doesn’t mean anything will change. Banks will often sell mortgages to other lenders to free up money. This can happen multiple times during the duration of your loan or not happen at all.