New Reverse Mortgage Condo Guidelines

Jan. 29, 2010  This past Friday, Michael Branson of All Reverse Mortgage       Company posted a very informative article on HUD changing the rules for seniors living in condos to obtain a reverse mortgage. Among the changes that RMOs should note: RMOs must now collect all condo docs, a very tall order. Prepare to wait at least 8 weeks for HUD to approve the project. Be leery of using the "Site Condo" designation, it could ruin your deal. Be aware that HUD plans to require that all condo projects be re-approved in January of 2011. The bottom line is for your seniors living in condos, they must be more patient, more responsive and more decisive in moving forward on going through with a reverse mortgage.