Reverse Mortgages for Condos

Benefits of a Reverse Mortgage

Costs Associated with Reverse Mortgages

Origination Fee

Mortgage Insurance Premium (MIP)

Miscellaneous Closing Expenses

Servicing Fee

Borrower Eligibility Requirements

Property Eligibility Requirements

Is a Condo Reverse Mortgage Right for You?

Will the loan proceeds likely sustain you for the remainder of the time you live in the house?

Can you guarantee that you will remain in the home as your primary residence?

Will the amount of the loan proceeds allow you to put money aside for necessary repairs or HOA assessments in the future?

How will the death of either spouse impact the other spouse in terms of the loan obligations?

What are other options for obtaining equity loans?



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